Reliance Industries reported Q4 profit of Rs. 19,407 crore, up 2% YoY and above expectations. Revenue rose 10% YoY to Rs. 2.64 lakh crore. Growth driven by telecom and retail, offsetting weaker O2C performance. Company announced Rs. 5.5 dividend and major fundraising plan.

Quarterly Performance (4Q FY25 vs 4Q FY24)

• Gross Revenue increased by 8.8% Y-o-Y to ₹ 288,138 crore ($ 33.7 billion)
• JPL revenue increased by 17.8% Y-o-Y due to increased subscriber base across mobility and homes, and sustained impact of the tariff hike.
• RRVL revenue increased by 15.7% Y-o-Y with growth across consumption baskets.
• Oil to Chemicals (O2C) revenue improved by 15.4% Y-o-Y due to increased volumes and broader domestic product footprint.
• Oil and Gas segment revenue decreased by 0.4% due to lower gas production and lower oil offtake from KGD6, partly offset with higher gas price realisation in KGD6 Field and higher CBM production.
• EBITDA increased by 3.6% Y-o-Y to ₹ 48,737 crore ($ 5.7 billion) o JPL EBITDA increased by 18.5% Y-o-Y driven by strong revenue growth and improved margins.
• RRVL EBITDA increased by 14.3% Y-o-Y with improved operational efficiencies and superior store operating metrics.
• O2C EBITDA reduced by 10.0% due to fall in transportation fuel cracks and polyester chain margins partially offset by higher volumes and feedstock cost optimization.
• Oil and Gas segment EBITDA decreased by 8.6% on account of higher operating cost due to onetime maintenance activity and a natural decline in KGD6 volumes.
• Depreciation was steady Y-o-Y to ₹ 13,479 crore ($ 1.6 billion).
• Finance Costs increased by 6.8% Y-o-Y to ₹ 6,155 crore ($ 720 million), primarily due to higher average liability balances.
• Tax Expenses increased by 1.4% Y-o-Y to ₹ 6,669 crore ($ 780 million).
• Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 6.4% Y-o-Y to ₹ 22,611 crore ($ 2.6 billion).
• Capital Expenditure for the quarter ended March 31, 2025, was ₹ 36,041 crore ($ 4.2 billion).

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “FY2025 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year.

• The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins. Our business teams ensured optimization of integrated operations and feedstock costs to enhance margin capture across value chains. The Oil & Gas business recorded its highest ever annual EBITDA led by higher production from our KGD6 and CBM blocks.
• The Retail segment also delivered consistent growth. In FY25, the business focused on a strategic recalibration of our store network, aimed at improving operational efficiencies and long-term sustainability. Our enhanced product catalogue and user experience across all formats, strengthened customer engagement. The quick hyperlocal deliveries initiative has also gained significant traction in the market, connecting strongly with the users. Our suite of omni-channel offerings and wide-spread presence will enable Reliance Retail to continue delivering superior value to all its customers.
• Our Digital Services business achieved record revenue and profit numbers. Steady increase in subscriber base, with an improving mix and increasing user engagement metrics boosted earnings. Strong adoption of our 5G services and our home broadband offerings continues with accelerated addition in subscribers and in the number of home-connects. Jio continues to invest in innovation, focusing on AI capabilities and next generation technologies, which will shape India’s digital future.

During FY25, we have laid a strong foundation for our projects in renewable energy and battery operations. In the coming quarters, we will see the transition of this business from incubation to operationalization. I firmly believe that the New Energy growth engine will create significant value for Reliance, for India and for the world.”