Reliance Q3 Results: Revenue Jumps 10% to ₹2.94 Lakh Crore, Net Profit Up 1.6%

• Reliance Industries Limited (RIL) reported a 10% year-on-year increase in consolidated income to ₹2.94 lakh crore for Q3 (October-December) FY24, driven by strong performance in digital services, O2C, and retail.
• Net profit (pre-minority) rose by 1.6% to ₹22,290 crore, while EBITDA increased by 6.1% to ₹50,932 crore, despite weakness in the upstream oil and gas business.
• The Oil-to-Chemical (O2C) business saw a 15% increase in EBITDA to ₹16,507 crore, boosted by higher transportation fuel margins and expanded fuel retail operations (Jio-bp).
• Digital services revenue grew by 12.7% to ₹43,683 crore, with EBITDA up 16.4%, fueled by rapid subscriber growth, including over 25 crore 5G users and 1.15 crore JioAirFiber customers.
• Reliance Retail's income increased by 8.1% to ₹97,605 crore, and it operated 19,979 stores, despite festive demand splitting and GST rate changes.

Why It Matters: Reliance Industries delivered stable financial performance in Q3 FY24 with significant revenue and profit growth.