Reliance Industries Ltd (RIL), led by Mukesh Ambani, reported a 7.38% year-on-year (YoY) increase in its consolidated net profit for the December quarter, reaching ₹18,540 crore, up from ₹17,265 crore in the same quarter last year. The oil-to-telecom conglomerate’s consolidated revenue also grew by 6.97% YoY, totalling ₹ 2,43,865 crore compared to ₹2,27,970 crore in Q3 of 2023. The company’s consolidated EBITDA for the quarter stood at ₹48,003 crore, reflecting a 7.8% increase from ₹44,525 crore in the previous year. The EBITDA margin reached 18%, up from 17% in September 2024 and 17.9% in the same quarter last year.

RIL | As of December 2024, RIL had outstanding debt of ₹3,50,453 crore and cash and cash equivalents of ₹2,34,988 crore, with a net debt of ₹1,15,465 crore, slightly lower than ₹1,16,438 crore in September. The company’s Net Debt to EBITDA ratio improved to 0.6 from 0.66 in September and 0.67 in the same quarter last year.

Jio Platform | Jio Platforms, RIL’s telecom arm, saw a 19.2% YoY increase in gross revenue, totalling ₹38,750 crore for the quarter. The EBITDA for Jio stood at ₹16,585 crore, up 18.8% YoY, with a total subscriber base of 48.2 crore as of December 31, 2024, reflecting a 2.4% YoY growth. The average revenue per user (ARPU) improved to ₹203.30. Jio’s home connects had a record quarter with 20 lakh new connections, and its Jio Air Fibre now boasts 45 lakh subscribers. Jio remains the world’s leading standalone 5G operator outside China.

RRVL | Reliance Retail Ventures reported a revenue of ₹90,333 crore for the quarter, marking an 8.8% YoY increase. EBITDA for the retail segment stood at ₹6,828 crore, up 9.5% YoY, while profit after tax (PAT) rose 10% YoY to ₹3,458 crore. The retailer also saw significant footfall, with 29.6 crore visitors across various store formats, opening 779 new stores during the quarter. In the Oil-to-Chemicals (O2C) segment, revenue increased by 6% YoY to ₹149,595 crore, aided by robust domestic demand and higher production for sale. The segment’s EBITDA rose 2.4% YoY to ₹14,402 crore. Meanwhile, the Exploration & Gas segment experienced a 5.2% YoY drop in revenue, largely due to reduced volumes of gas and condensate from the KGD6 field, though this was partially offset by higher CBM gas volumes and a marginal increase in gas prices.

At the end of the trading on January 16, RIL’s stock closed at ₹1,268.70 on the BSE, up 1.31%. Analysts are awaiting ratings and target price updates, with Bernstein suggesting a target price of ₹1,520, CLSA maintaining an ‘Outperform’ rating with a target of ₹1,650, Jefferies keeping a ‘Buy’ call with a target of ₹1,690, and Morgan Stanley projecting a price of ₹1,662 for RIL’s shares.