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Informist, Friday, Jul. 18, 2025

 

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--RIL Apr-Jun consol net profit INR 269.94 bln vs INR 151.38 bln year ago 
--Analysts saw RIL Apr-Jun consol net profit at INR 199.54 bln 
--RIL Apr-Jun consol revenue INR 2.487 tln vs INR 2.362 tln year ago 
--RIL Apr-Jun consol other income INR 151.19 bln vs INR 39.83 bln year ago 
--RIL: Jio Platforms Apr-Jun ARPU INR 208.8/month vs INR 206.2/month qtr ago 
--RIL Apr-Jun consol EBITDA INR 580.24 bln vs INR 427.48 bln year ago 
--RIL Apr-Jun consol EBITDA margin 21.2% vs 16.6% year ago 
--RIL: Jio Platforms Apr-Jun revenue INR 350.32 bln vs INR 339.86 bln qtr ago 
--RIL Apr-Jun oil-to-chemicals revenue INR 1.548 tln vs INR 1.571 tln yr ago 
--RIL Apr-Jun capex INR 298.75 bln vs INR 287.85 bln year ago 
--RIL: Jio Platforms Apr-Jun EBITDA INR 181.35 bln vs INR 170.16 bln qtr ago 
--RIL Apr-Jun oil-to-chemicals EBITDA INR 145.11 bln vs INR 130.93 bln yr ago 
--RIL: Jio Platforms Apr-Jun EBITDA margin 51.8% vs 50.1% qtr ago 
--RIL: Consol cash, cash equivalent as on Jun 30 at INR 2.209 tln 
--RIL:Jio Platforms customer base 498.1 mln as on Jun 30 vs 488.2 mln qtr ago 
--RIL Apr-Jun oil-to-chemicals EBITDA margin 9.4%, up 110 bps on year 
--RIL outstanding debt INR 3.384 tln as on Jun 30 vs INR 3.049 tln year ago 
--RIL: Jio Platforms Apr-Jun data traffic 54.7 bln GB vs 48.9 bln GB qtr ago 
--RIL Apr-Jun oil-to-chemicals ops throughput 19.1 mln tn, down 3.5% on year 
--RIL net debt INR 1.176 tln as on Jun 30 vs INR 1.123 tln year ago 
--RIL Apr-Jun oil-to-chemicals output for sale 17.3 mln tn, down 2.3% on year 
--RIL Apr-Jun oil and gas revenue INR 61.03 bln vs INR 61.79 bln year ago 
--RIL Apr-Jun Reliance Retail revenue INR 737.20 bln vs INR 662.60 bln yr ago 
--RIL Apr-Jun oil and gas EBITDA INR 49.96 bln vs INR 52.10 bln year ago 
--RIL Apr-Jun Reliance Retail EBITDA INR 60.44 bln vs INR 54.48 bln year ago 
--RIL Apr-Jun oil and gas EBITDA margin 81.9%, down 240 bps on year 
--RIL Apr-Jun Reliance Retail EBITDA margin 8.7% vs 8.5% year ago 
--RIL Q1 KGD6 block production 63.9 bln cubic feet equivalent, dn 7.9% YoY 
--RIL: Reliance Retail store count 19,592 as on Jun 30 vs 18,918 year ago 
--RIL Apr-Jun CBM production 2.8 bln cubic feet equivalent, up 21.7% YoY 
--RIL: Brent averaged $67.8/bbl in Apr-Jun, down 20% on year 
--RIL Apr-Jun KGD6 gas avg price realised $9.97/mBtu vs $9.27/mBtu year ago 
--RIL Apr-Jun CBM gas avg price realised $9.90/mBtu vs $11.59/mBtu year ago 
--RIL: Reliance Retail Apr-Jun operated area 77.6 mln sq ft, dn 4.6% on yr 
--RIL says Reliance Retail registered customer base 358 mln 
--RIL Apr-Jun oil and gas EBITDA down on lower sales, higher operating costs 
--RIL oil-to-chemicals EBITDA up on favourable domestic fuel retail margins 
--RIL: Oil-to-chemicals EBITDA up on improved transportation fuel cracks 
--RIL:Jio Platforms Apr-Jun EBITDA grew on higher sales, strong margin growth 
--RIL: Higher oil-to-chemicals EBITDA partially offset by lower volumes 
--RIL: Jio Platforms Apr-Jun margin rose on operational leverage 
--RIL: Jio Platforms Apr-Jun margin rose on sharp focus on cost efficiencies 
--RIL: Oil-to-chemicals sales dn on fall in crude oil prices, lower volumes 
--RIL: Early onset of monsoon impacted consumer electronics, devices ops 
--RIL: Short-term spot LNG prices likely to remain rangebound 
--RIL:Will fully operationalise entire new energy ecosystem in next 4-6 qtrs 
--RIL:On track to meet capacity of 55 compressed biogas plants by end of year

 

By Anshul Choudhary and Sunil Raghu

 

MUMBAI – Reliance Industries Ltd.'s consolidated net profit for the June quarter surpassed expectations owing to a one-time income of over INR 89.00 billion from "profit from sale of listed investments". However, excluding this one-time income, the company's operating profit was slightly below analysts' estimates.

 

The conglomerate reported a sharp year-on-year rise of 78% in consolidated net profit to INR 269.94 billion for the quarter. This was significantly better than the average of estimates by 10 brokerages of INR 199.54 billion.

 

The jump in profits was on account of a sharp increase in other income for the quarter to INR 151.19 billion, against INR 39.83 billion a year ago. While Reliance Industries did not give details of the sales of listed investments that had resulted in such a jump in its other income, comments by analysts in earnings preview reports had suggested it could be from its stake sale in Asian Paints Ltd.

 

The one-time income also boosted the company's operating performance with its consolidated earnings before interest, tax, depreciation, and amortisation rising nearly 36% on year to INR 580.24 billion. However, analysts track EBITDA excluding other income, which missed expectations. The company's consolidated EBITDA excluding other income for the quarter was INR 429.05 billion, lower than expectations of INR 449.99 billion.

 

The company's operating profit also missed expectations on lower-than-estimated profits from its oil-to-chemicals and retail businesses. However, its EBITDA, excluding other income, was still up nearly 11% on year on higher margins in three businesses--refinery, telecommunications, and retail. Its consolidated EBITDA margin during the quarter rose 460 basis points on year to 21.2%.

 

The company's revenue growth during the June quarter was poor, as analysts had anticipated. Its year-on-year revenue growth during the quarter slowed to just 5%, from nearly 11% in the March quarter and 12% in the June quarter last year.

 

The company's consolidated revenue for the June quarter, net of excise duty, rose to INR 2.436 trillion. This was slightly better than analysts' estimate of INR 2.401 trillion. While the telecommunications and retail businesses reported growth in revenue, the oil-to-chemicals and oil exploration segments saw a slight decline.

 

At the consolidated level, the company's capital expenditure during the quarter was INR 298.75 billion, as compared with INR 287.85 billion a year ago. It had cash and cash equivalents amounting to INR 2.209 trillion during the quarter, up from INR 1.926 trillion a year ago. The company's outstanding debt was INR 3.384 trillion as on Jun. 30 and its net debt was INR 1.176 trillion.

 

OIL-TO-CHEMICALS SEGMENT

Revenue from the company's largest vertical decreased 1.5% on year to INR 1.548 trillion in the June quarter, as compared with INR 1.571 trillion a year ago, primarily on account of a fall in crude oil prices and lower volumes on account of a planned shutdown. The revenue was supported by higher domestic placement of transport fuels through the countrywide network of Jio-bp outlets.

 

The vertical's EBITDA increased nearly 11% on year to INR 145.11 billion owing to higher margins for domestic retail fuel, improvement in transportation fuel cracks, and better polypropylene and polyvinyl chloride chain margins. However, the rise in operating profit was significantly below expectations as Kotak Institutional Equities, Nuvama Wealth Management, and Emkay Global Financial Services had estimated the EBITDA growth for the segment at 19%.

 

The segment's EBITDA growth was impacted by lower volumes during the quarter. Its throughput fell 3.5% on year to 19.1 million tonnes and production meant for sale was down 2% on year at 17.3 million tonnes.

 

The company's oil-to-chemicals EBITDA margin was up 110 bps at 9.4% during the June quarter. The polypropylene margin was up 13% and that of PVC was 4% higher on year. This was partially offset by a decline in polyester chain margins.

 

"During the quarter, energy markets encountered heightened uncertainty, with sharp fluctuations in crude (oil) prices. Our oil-to-chemicals business delivered strong growth, with thrust on domestic demand fulfilment and offering value-added solutions through Jio-bp network. Performance was supported by improvement in fuel and downstream product margins," Mukesh Ambani, Reliance Industries chairman and managing director, said, per a press release from the company.

 

Brent crude oil prices averaged $67.8 per barrel in the June quarter, down $17.1 a barrel from a year ago. The average Brent crude oil price fell 20% on year on tariff concerns and unwinding of production cuts by the Organization of the Petroleum Exporting Countries and its allies, the company said.

 

TELECOM SEGMENT

Reliance Industries Ltd.'s Jio Platforms reported a revenue growth of nearly 19% on year and 3% on quarter to INR 350.32 billion. This was led by additions of nearly 10 million customers during the quarter, which took the total customer base to 498.10 million at the end of the quarter.

 

The operating performance also improved with the subsidiary's EBITDA rising nearly 24% on year to INR 181.35 billion. This was better than the expectation of Kotak Equities of a 19% rise in the segment's EBITDA. Sequentially, the EBITDA of Jio Platforms was up 7% during the quarter.

 

Further, the subsidiary's EBITDA margin rose to 51.8% during the quarter as compared with 50.1% in the March quarter. The improved operating performance was driven by higher average revenue per user, which continues to benefit from the tariff hike announced last year at the end of June. The average revenue per user in the June quarter increased to INR 208.80 per month from INR 206.20 in the March quarter and INR 181.70 in the June quarter last year. This implies a sequential growth of over 1% and year-on-year rise of nearly 15%.

 

RETAIL SEGMENT

Reliance Retail Ventures Ltd. reported a consolidated revenue of INR 737.20 billion for the June quarter, up 11% on year. Further, its consolidated EBITDA rose nearly 13% on year to INR 63.81 billion.

 

"All segments performed well, with market-leading performance in grocery and fashion," the company said in its press release. It attributed the double-digit rise in the segment's EBITDA to strategic initiatives, operating leverage, and cost discipline. However, the 13% rise in the retail subsidiary's EBITDA was below expectations. Kotak Equities had anticipated a 21% rise.

 

"Retail's registered customer base expanded to 358 million, along with significant improvement across operating metrics," the company further said in its release. Reliance Retail net opened 252 new stores in the June quarter, taking its overall store count to 19,592 as of Jun. 30. However, the area under operation for the business was 77.6 million square feet as of Jun. 30, nearly 5% lower on year.

 

OIL & GAS

Revenue from the company's exploration business fell over 1% on year to INR 61.03 billion in the June quarter. Revenue was down owing to lower gas production from its Krishna Godavari D6 block and lower price for coalbed methane gas and lower crude oil price realisation.

 

The average coalbed methane gas price was lower at $9.90 per million British thermal units, or mBtu, in the June quarter, from $11.59 per mBtu a year ago. This fall in prices was partially offset by the higher price of natural gas from the Krishna Godavari-D6 basin, which rose to $9.97 per mBtu during the quarter from $9.27 per mBtu in the same period last year.

 

Total production from the Krishna Godavari-D6 block fell nearly 8% on year to 63.90 billion cubic feet, while coalbed methane production rose nearly 22% on year to 2.8 billion cubic feet.

 

Owing to lower production and higher operating cost due to maintenance activity, the segment's EBITDA during the quarter fell over 4% on year to INR 49.96 billion. The segment's EBITDA margin fell to 81.9%, down 240 bps on year.

Shares of Reliance Industries had fallen ahead of its quarterly earnings. Friday, the stock ended lower for the second week running, falling over 3% during this period. It closed at INR 1,476 on the National Stock Exchange Friday.  End

 

US$1 = INR 86.15

 

With inputs from Anand JC

Edited by Rajeev Pai

 

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