Reliance Industries Q4 Results 2024

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Surpassing all expectations, Reliance Industries has come out on top with its Q4 FY2023-24 results, with an EBITDA up by 14.3% YoY, reaching ₹47,150 Crore, and key segments of JPL EBITDA  and RRVL EBITDA up by 12.5% YoY, and 18.5% YoY, respectively. Quarterly Gross Revenue was up 12.8% YoY. Consolidated PAT was at ₹21,243 Crore, a marginal change of 0.1% YoY.


Reliance Industries, the stalwart conglomerate of India, has continued its robust growth momentum in Q4 FY2023-24. The unprecedented success of the Company in the fourth quarter of this fiscal year, and its annual performance, is largely owed to healthy growth initiatives spanning all of its businesses, contributing to substantial growth of the Indian economy. Healthy financials and sound operating performance of all of RIL’s businesses are reflected in Reliance Industries’ results and have aided the Company in achieving milestones galore, including RIL being the first Indian company to reach pre-tax profits of more than ₹100,000 Crore this fiscal FY2023-24. 

5 Key Financial Highlights

Reliance Industries’ Q4 FY2023-24 results are significant as the conglomerate has posted one of its strongest results in recent times. Here are the five key financial highlights of RIL Q4 results:

Explore: Reliance Industries Ltd Share Price

  • Gross Revenue was at ₹264,834 Crore ($31.8 billion), rising 10.8% YoY, backed by double-digit growth in the O2C and consumer business. 

  • EBITDA jumped 14.3% YoY to reach ₹47,150 Crore ($ 5.7 billion) with a robust contribution from all RIL’s businesses.

  • Finance Costs decreased 1.0% YoY, reaching ₹5,761 Crore ($691 million) largely due to lower average liability balances.

  • Tax Expenses witnessed a sharp increase YoY, reaching ₹6,577 Crore ($789 million) as a result of the availing of tax credits in the same quarter of the previous fiscal year.

  • Profit after Tax improved only marginally on a YoY basis and reached ₹21,243 Crore ($2.5 billion).

Profitability Analysis

From the business of Oil to Telecom, Reliance Industries has recorded growth in terms of profitability across segments and key businesses. For Q4 FY2023-24, the Profit After Tax appears to be quite flat, but the Annual Consolidated Profit Before Tax crossed the milestone of ₹100,000 Crore, 11.4% up on a YoY basis, largely due to the contribution of its key businesses, Jio and Reliance Retail, not to mention its O2C and Consumer business. The Annual Net Profit of Jio platforms crossed the ₹20,000 Crore mark, and Reliance Retail witnessed a Net Profit (Annual Net Profit) of ₹10,000 Crore. 

Resilience in EBITDA Metrics

RIL Q4 results were marked by spikes in overall EBITDA rising by 14.3% YoY to ₹47,150 Crore ($5.7 billion) with strong support from all the businesses of the Company. JPL EBITDA rose 12.5% YoY with higher revenue due to sustained momentum in subscriber additions. EBITDA for RRVL recorded an increase of 18.5% driven by business efficiencies as well as a 60bps margin expansion going to 8.6%. The O2C (Oil to Chemical) segment witnessed a resilient EBITDA, although the margin environment proved weak, and the reduced impact of SAED offset lower transportation fuel cracks. The Oil and Gas segment EBITDA surged by 47.5%, spurred on by 66.4% higher gas and condensate production from the KG D6 block. It is important to note that the KG-D6 block has achieved 30 MMSCMD of production and presently accounts for 30% of the country’s domestic gas production. 

Additional Read: Quarterly Results

Revenue From Segments

RIL Q4 results cannot be complete without mentioning the healthy Revenue growth driven by the segments of the conglomerate. Here are some key aspects of segment revenue: 

  • The Consolidated Revenue of JPL platforms was at ₹33,835 Croroe, a rise of 13.3% YoY, due to robust subscriber growth covering homes and mobility, and the advantage of mix improvement in ARPU. 

  • The Consolidated RRVL Revenue was at ₹76,627 Crore, up 10.6% YoY, due to the businesses of consumer goods and fashion & lifestyle product growth. 

  • The Consolidated O2C Segment Revenue was at ₹142,634 Crore ($17.1 billion), a rise of 10.9% YoY, mainly due to improvement in the realisation of transportation fuels as well as higher volumes. 

  • Reliance Industries’ results in the Oil & Gas segment witnessed a Q4 Revenue of ₹6,468 Crore ($775 million), up by 42.0% YoY, led by higher volumes and lower price realisation in the KG D6 Field. 

  • The Q4 Revenue of the Media business was at ₹ 2,808 Crore, up 62.2% YoY. The Company plans to lead in the digital media landscape of India with a strategic collaboration with DISNEY to blend the business of Viacom 18 with STAR India. 

Major Financial Metrics - Consolidated Q4 (FY2023-24) Financial Results of Reliance Industries (in ₹ Crore)


Q4 FY24

Q3 FY24

% Change YoY

Gross Revenue








EBITDA Margin %



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Finance Costs








Tax Expenses








Capital Expenditure




Outstanding Debt




Cash and Cash Equivalents




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Net Debt to EBITDA




The Future of Reliance Industries

With nothing short of an impressive Q4 result for Reliance Industries, the Company looks ahead with positivity as it moves to FY 2025. Across all its businesses, there has been a strong growth momentum and this has kept pace with the economy’s ups and downs, due to resilience in the Company’s operations. With a robust operating and financial performance, RIL Q4 results portray a strong giant of a company with a bright future. As the Company forges ahead with a boost to its Telecom segment (with more than 108 million True 5G subscribers), the Company is set to reach more milestones in the next fiscal year. In the digital transformation of the country, Reliance Industries is a real leader, and its future focus will be on the adoption of AI and other advanced technologies to boost India’s infrastructure. Additionally, it plans to extend its retail segment with an already strong omni-channel system in place. The Company remains committed to its projects, including those involving New Energy, aiming to bolster the Company’s evolution to higher levels than ever before. 

Additional Read: Annual Results


Reaching milestones over milestones has been the trademark of RIL since its inception and humble beginnings. Moving from strength to strength in all its segments contributing to its profitable mix for the fourth quarter of FY2023-24, the Company is set to make new advances in FY2025. 

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