The Business Bytes
MUMBAI, APRIL 22, 2024 (TBB BUREAU): Reliance Industries Limited (RIL), spearheaded by billionaire Mukesh Ambani, on Monday announced a landmark achievement with gross revenues reaching Rs 10 lakh crore ($119.9 billion) for the fiscal year ending March 31, 2024, marking a 2.6 percent year-on-year (Y-o-Y) increase.
Notable highlights include an 11.7 percent year-on-year revenue growth for Jio Platforms, driven by a robust subscriber surge of 42.4 million across mobility and homes, coupled with improvements in Average Revenue Per User (ARPU). Reliance Retail also witnessed a commendable 17.8 percent year-on-year revenue hike, attributed to strong performance across all consumption segments, significant gross area expansion, and record footfalls surpassing one billion.
The Oil & Gas segment notably saw a significant 48 percent revenue uptick, primarily due to increased volumes from the KG D6 block, despite a decline in gas price realizations.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, expressed his satisfaction with the results, stating, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance.”
He further added, “This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits.”
Ambani highlighted the digital services segment’s stellar performance, driven by an accelerated expansion of the subscriber base, particularly in the 5G realm. He emphasized Jio’s leadership in India’s 5G transformation, boasting over 108 million True 5G customers.
Discussing Reliance Retail’s achievements, Ambani commended its omni-channel presence and continuous efforts to enhance customer experience through store remodeling and digital commerce platforms.
Despite challenges faced by the downstream chemical industry, Ambani underscored Reliance’s resilience, buoyed by leading product positions and operational efficiencies.
Looking ahead, Ambani reiterated RIL’s commitment to ongoing projects, particularly in the New Energy segment, aimed at ensuring sustainable growth for the future.
On quarterly performance, RIL reported a 10.8 percent year-on-year increase in gross revenue to Rs 2.64 lakh crore ($31.8 billion), driven by robust growth across the Oil & Gas and consumer businesses.
