Reliance Industries Ltd posts Rs 2.31L cr consolidated revenues for Q1

Reliance Industries Limited posted consolidated revenues of Rs 231,132 crore ($28.2 billion), down 4.7 per cent YoY, for Q1 FY2023-24 due to sharp decline in O2C revenues with 31 per cent fall in crude oil prices. Reliance’s quarterly EBITDA stood at a record high of Rs 41,982 crore ($5.1 billion), up 5.1 per cent Y-o-Y, led by consumer and upstream businesses. Its consolidated profit after tax (PAT) was at Rs 8,258 crore ($2.2 billion), down 5.9 per cent YoY, on account of higher finance cost and increased depreciation. The capital expenditure for the quarter was Rs 44,683 crore ($5.4 billion). Jio Platforms’ gross revenue for the quarter was at a record high of Rs 30,640 crore, up 11.3 per cent Y-o-Y. Its EBITDA for the quarter was at a record Rs 13,116 crore, up 14.8 per cent Y-o-Y, while its net profit for the quarter was Rs 5,098 crore, up 12.5 per cent Y-o-Y. Jio’s network leadership drove 9+ million net subscriber addition, and 25GB of per capita data consumption. Its total data traffic jumped 28.3 per cent Y-o-Y to 33.2 billion GB for the quarter, while voice traffic grew 7.2 per cent to 1.34 trillion minutes.