Reliance Industries (RELIANCE) Q3 24/25 earnings summary

Executive summary

• Record consolidated earnings and revenue growth, with Q3 FY25 revenue at ₹267,186 crore (US$31.2bn), up 7.7% year-over-year, and net profit at ₹21,930 crore (US$2.6bn), up 12% year-over-year, driven by strong consumer, retail, and O2C segments.

• Consumer businesses contributed 52% of segment EBITDA, reflecting a shift in business mix.

• Festive and wedding season demand, operational streamlining, and productivity gains supported growth.

• Sequential improvement was seen across all key operating segments, with record operating performance and growth in both retail and digital services.

Financial highlights

• Consolidated EBITDA for Q3 FY25 was ₹48,003 crore (US$5.6bn), up 7.8% year-over-year and 9.3% sequentially; PAT up 12% year-over-year to ₹21,930 crore.

• Retail revenue at ₹90,351 crore, up 8.8% year-over-year; EBITDA at ₹6,840 crore, margin at 8.6%.

• Digital Services revenue grew 19.2% year-over-year to ₹39,733 crore; EBITDA at ₹16,640 crore, margin at 50.1%; ARPU at ₹203.3.

• O2C segment revenue was ₹149,595 crore, EBITDA at ₹14,402 crore, margin at 9.6%.

• CapEx for the quarter was ₹32,259 crore, below cash profits of ₹38,000 crore.

Outlook and guidance

• Management expects continued growth in consumer, digital, and retail businesses, with digital and retail segments maintaining momentum.

• Energy business outlook remains positive, supported by strong domestic demand and recovery in fuel cracks in the APAC region.

• Full impact of July 2024 tariff hike in Jio yet to play out, expected to further boost ARPU and revenues.

• Ongoing investments in digital infrastructure, retail expansion, and downstream chemical projects to sustain long-term growth.