Reliance Industries' consolidated net profit declined 4.04% to Rs 17,448 crore in Q1 FY25 as against Rs 18,182 crore posted in Q1 FY24.

Gross revenue rose by 11.55% year on year (YoY) to Rs 257,823 crore in the quarter ended 30 June 2024, led by O2C on higher oil & product prices and oil & gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to increase in revenue.

EBITDA grew 2% YoY to Rs 42,748 crore during the June 2024 quarter, led by strong contribution from oil & gas and consumer business offset weak O2C.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Consolidated EBITDA for the quarter improved from a year ago with strong contribution from Consumer and Upstream businesses offsetting weak O2C operating environment. Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services…

The deep integration and flexibility built into our O2C business model helped mitigate the impact of challenging operating environment. The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries. The oil and gas segment continued its growth trajectory with higher production, offsetting lower year-on-year gas price realizations.

Reliance has made significant progress on the implementation of New Energy Giga-factories. On completion, these projects will provide India a world-class, integrated green energy ecosystem which can propel the next leg of sustainable growth.”

OIL TO CHEMICALS (O2C)

O2C quarterly revenue stood at Rs 157,133 crore, up 18.1% YoY primarily on account of higher product prices tracking 9% increase in Brent crude oil prices, and higher volumes supported by strong domestic demand.

EBITDA for Q1 FY25 reduced 14.3% YoY to Rs 13,093 crore, due to lower transportation fuel cracks, particularly gasoline cracks which was down 30% YoY. Downstream chemical margins were also lower on YoY basis PE (-17%), PP (-16%) and Polyester Chain deltas (-15%).

Total Throughput rose to 19.8 MMT in June 2024 quarter from 19.7 MMT posted in corresponding quarter previous year.