Billionaire Mukesh Ambani’s Reliance Industries Limited (RIL) disclosed a consolidated net profit of Rs 20,946 crore for the first quarter of the current financial year, marking a 22% year-on-year decrease. This decline was primarily due to a one-time exceptional item in the same quarter of the previous year. In contrast, the conglomerate had recorded a net profit of Rs 26,994 crore in the first quarter of the previous fiscal year, boosted by the sale of Asian Paints stake.
The company highlighted the strength of its core operations, with revenue climbing 25% year-on-year to Rs 3.11 lakh crore in the April-June period of the current fiscal year, up from Rs 2.48 lakh crore in the corresponding period last year. EBITDA for the quarter rose by 10% year-on-year to Rs 54,067 crore, as per a company statement.
Reliance Industries surpassed market expectations with robust performance across key sectors such as the Oil-to-Chemicals (O2C) segment, Reliance Retail, and digital services platform Jio. RIL Chairman Mukesh Ambani expressed satisfaction with the steady start to the fiscal year, emphasizing the resilience of the diverse business portfolio amid geopolitical tensions and volatile commodity markets.
The Digital Services business, including Jio’s mobility, home broadband, and enterprise services, sustained growth momentum in the quarter, contributing to a healthy 15% year-on-year earnings increase. Reliance Retail also demonstrated resilience, achieving consistent growth across all consumption formats and channels. The consumer products division experienced rapid growth, with FMCG brands gaining popularity among Indian consumers.
Despite challenges in the global energy market, the O2C business delivered a strong performance during the quarter, supported by record-high middle distillate cracks and improved downstream petrochemical deltas. Operational agility enabled the company to navigate the difficult environment and ensure sufficient availability of essential fuels and materials in domestic markets.
