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Reliance Industries Chairman and Managing Director Mukesh Ambani announced plans to commission the new energy Giga complex in the second half of 2024. Despite a 9.3% increase in consolidated net profit, reaching ₹17,265 crore, the conglomerate faced challenges in the October-December quarter. Higher expenses and issues in the oils-to-chemicals business contributed to a modest 3.5% growth in revenue, totalling ₹2.28 lakh crore for Q3 FY24.
Revenue from its O2C segment was ₹1.4 lakh crore. According to the company, the lower revenue was due to planned maintenance shutdowns at some of its units in Jamnagar in the quarter under review. One crude distillation unit and delayed coking in the SEZ refinery were shut for four weeks in the fourth week of September. A fluidised catalytic cracker was shut for seven weeks starting in mid-September, and a refinery off-gas cracker was shut for four weeks in the same month. Revenue from Reliance Retail, which accounts for a third of RIL’s income, grew to ₹74,373 cr and reported a net profit of ₹3165 cr, up 32 per cent year-on-year. Jio Platforms, which houses all its digital properties, reported a net profit of ₹5445 crore, up 2.8 per cent sequentially, while revenue rose 3 per cent to ₹27,697 crore. EBITDA rose 3.5 per cent to ₹13,995 crore, and the EBITDA margin was flat at 50.4 per cent. On Q3 FY24 results, RIL Chairman and Managing Director Mukesh Ambani said the company has delivered another quarter of robust operating and financial performance. He further said the new energy giga complex will be commissioned in the second half of 2024.“I am confident that Reliance’s New Energy business will play a pivotal role in the global movement for the adoption of cleaner fuels,” he said. The consolidated EBITDA was at ₹44,678 crores, up 16.7 per cent year over year, per the company. The EBITDA margin in the quarter was 18 per cent, a rise of 210 basis points. The EBITDA was led by the higher contributions of Jio Platforms and Reliance Retail. The company spent Rs 30,102 crore in the quarter on investments in the pan-India 5G roll-out, the expansion of retail infrastructure, and new energy businesses. Its consolidated debt at the end of the quarter was ₹1.2 lakh crore. O2CRevenue in this segment declined 2.4 per cent due to shutdowns and lower price realisation, led by a 5.3 per cent decline in average Brent crude oil prices. The company said there was sustained performance in the segment with higher gasoline cracks and feedstock sourcing. This was partially offset by lower downstream chemical margins. Revenue from the oil and gas segment rose on higher volumes that were offset by lower gas price realisations from the KG D6 field. The EBITDA in this segment rose by nearly 50 per cent to ₹5804 crore. Retail The growth in retail operations was led by grocery, fashion, lifestyle, and consumer electronics. During the quarter, it added 252 new stores, taking the total to 18,774, while footfalls in all its stores crossed 282 million with the festive season pushing sales. EBITDA margin for Reliance Retail Ventures improved by 50 basis points to 8.4% due to operating leverage and a focus on cost management. Quarterly EBITDA was up 31 per cent at ₹6,258 crore. The total area under operation increased by over a fifth to 73 million square feet.
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