Reliance Industries reports record annual revenue of $120bn

Reliance Industries Limited (RIL), a leader in multiple sectors including telecommunications, retail, and energy, announced a significant year of growth and strategic acquisitions. For the fiscal year ended March 31, 2024, Reliance Industries reported a record annual consolidated revenue of ₹1,000,122 crore ($119.9 billion), marking a 2.6% increase year-over-year. The company’s EBITDA rose by 16.1% to ₹178,677 crore ($21.4 billion), and profit before tax exceeded ₹100,000 crore, reaching ₹104,727 crore ($12.6 billion), up 11.4% from the previous year.

RIL’s diversified portfolio saw robust performance across all sectors. The digital services segment, led by Jio Platforms, crossed an annual net profit of ₹20,000 crore, driven by significant subscriber additions and the expansion of 5G services. Reliance Retail also surpassed a net profit of ₹10,000 crore, fueled by its omni-channel strategy and digital commerce platforms. The oil-to-chemicals (O2C) segment, despite facing a challenging market environment, managed to deliver resilient performance due to strong demand for fuels and strategic feedstock flexibility.

In the fourth quarter of FY24, RIL’s gross revenue was ₹264,834 crore ($31.8 billion), a 10.8% increase year-over-year, with notable growth in the O2C and consumer businesses. EBITDA for the quarter stood at ₹47,150 crore ($5.7 billion), up 14.3% from the previous year, reflecting strong contributions from all business divisions.

Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries, commented on the company’s strategic direction and its alignment with India’s digital and economic growth. “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy,” Ambani stated. He highlighted the pivotal role of digital infrastructure advancements and the new energy segment in driving sustainable growth for the company.