- Reliance Industries' Q2 net profit rose 22% sequentially to Rs 25,548 crore, beating estimates
- O2C business Ebitda surged 67.9% YoY to Rs 25,203 crore, driven by fuel cracks and chemical prices
- Jio Platforms' net profit increased 8% sequentially, with 5G subscribers exceeding 300 million
Reliance Industries Ltd.'s September-quarter results reflected strong earnings from its oil-to-chemicals (O2C) and digital businesses, offsetting weakness in retail and oil and gas. Consolidated net profit rose 22% sequentially to Rs 25,548 crore, beating estimates, while Ebitda increased 19% to Rs 56,616 crore.
O2C Earnings Drive Profit Growth
The O2C business delivered the biggest improvement in operating earnings, with Ebitda rising 67.9% year-on-year to Rs 25,203 crore. Higher fuel cracks, tighter global energy markets, and favourable crude sourcing supported the performance. Better price realisations in downstream chemicals also contributed.
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Digital Services Remain A Growth Driver
Reliance's digital services Ebitda increased 17.7% year-on-year to Rs 22,223 crore. Subscriber additions and higher average revenue per user supported growth, while expanding data consumption and 5G adoption strengthened Jio's operating performance.
Jio Platforms Reports Higher Profit
Jio Platforms' net profit increased 8% sequentially to Rs 8,389 crore, while revenue rose 3.3% to Rs 40,475 crore sequentially. Ebitda increased 5.3% to Rs 20,901 crore, taking its margin to 51.6% from 50.6%.
Also Read: Jio Platforms Q2 Results: Net Profit Rises 8% To Rs 8,389 Crore; Margin Expands
ARPU And 5G Subscriber Base Increase
Jio's average revenue per user rose to Rs 218.8 a month from Rs 215.6 in the previous quarter. Its subscriber base reached 542.4 million, including more than 300 million 5G users, while data traffic increased 22.1% year-on-year.
Retail Profitability Weakens
Reliance Retail's net profit declined 6.67% sequentially to Rs 2,619 crore, while Ebitda fell 3% to Rs 6,120 crore. Its margin contracted 31 basis points to 6.67%, reflecting pressure from costs and investments.
Store Rationalisation Continues
Reliance Retail opened 303 stores but closed unproductive locations, resulting in a net reduction of 222 stores. Its total store count stood at 19,947, even as customer transactions grew 7% year-on-year.
JioMart Delivers Strong Growth
JioMart's revenue increased 42% year-on-year, supported by higher average order values and a 24% rise in units per order. Its network of more than 5,000 stores across 1,000 cities is helping expand its reach.
Oil And Gas Earnings Decline
The oil and gas segment's Ebitda fell 1.5% year-on-year to Rs 4,901 crore. Lower production from the KG-D6 fields partly offset higher coal-bed methane volumes and better condensate realisations.
Debt Falls, Capex Remains High
Reliance's net debt declined to Rs 1.17 lakh crore at the end of September from Rs 1.23 lakh crore in June. However, capital expenditure stood at Rs 38,153 crore, with investments directed towards new energy, retail, and O2C projects.
Margins Expansion
Reliance's consolidated Ebitda margin expanded to 17.1% from 15.4% in the June quarter. Ebitda rose 19% sequentially to Rs 56,616 crore, while revenue increased 6.8% to Rs 3.31 lakh crore. Both revenue and profit exceeded analyst estimates.
Investors will track the sustainability of O2C earnings, Jio's subscriber monetisation, and a recovery in retail profitability. The returns from Reliance's investments in new energy and other businesses will also shape its longer-term growth outlook.
Also Read: Reliance Industries Q2 Results: O2C, Digital Services Drive 22% Profit Growth; Margin Expands
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