Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) is expected to report healthy numbers for the quarter ended March 2024, driven by robust O2C business and healthy growth in the consumer-facing businesses of Jio and retail.
The company will announce its quarterly numbers today and the Board will also consider approving a dividend for FY24.
The company will announce its quarterly numbers today and the Board will also consider approving a dividend for FY24.
Let’s us take a sneak peak at Q3 key announcements, Q4 expectations:
- In the preceding December quarter, RIL reported a 9% growth in consolidated net profit at Rs 17,265 crore, while revenue from operations jumped nearly 4% to Rs 2.28 lakh crore.
- Reliance Industries’ telecom business, Jio, had on January 19, announced its quarterly results for the third quarter ending December 2023. The company posted a 12.3 per cent year-on-year (YoY) growth in net profit to Rs 5,208 crore snapping the four quarter of slower growth.
- Its profit growth had slowed from 28.3 per cent to 11.95 er cent in the past four quarters.
- The successful adoption of the JioBharat phone and JioAirFiber services contributed significantly to the expansion of Jio’s subscriber base, bolstering the stellar growth numbers of the digital services business.
- As part of Jio’s strategy to boost user growth, the recent introduction of the JioBharat platform, featuring the 4G JioPhone Prima, has been instrumental. With three SKUs ranging from Rs 999 to Rs 2,599, the platform offers customers a variety of choices. The JioPhone Prima provides access to popular apps like YouTube, Facebook, and WhatsApp, along with Jio Entertainment Apps.
- Jio, like its rivals, did not hike tariffs in the third quarter. They last raised prices in 2021.
- Analysts expect retail EBITDA to grow around 1% quarter-on-quarter to Rs 63,000 crore. The retail revenue for the quarter is estimated around Rs 55,7000 crore, which will be an increase of 23% year-on-year with margins for the segment expanding 10 bps sequentially to 7.4%.
- Reliance Industries’ retail arm Reliance Retail Ventures (RRL) had in January posted 32% growth in its net profit at Rs 3,165 crore for the quarter ended December 2023. The same stood at Rs 2,400 crore in the year-ago quarter.
- The business posted an EBITDA of Rs 6,258 crore, which was up by 31% year-on-year. EBITDA before investment income was recorded at Rs 6,061 crore, up 30% year-on-year.
- In Q3, the company also incurred higher financial costs due to an increase in interest rate and borrowings for business expansion.
- The December quarter had recorded footfalls of over 282 million across formats, registering growth of 40% year-on-year.
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