RIL Q4 PAT rises 6.4% YoY
Reliance Industries (RIL)'s consolidated profit after tax and share of profit/(loss) of associates & JVs increased by 6.4% year-on-year to Rs 22,611 crore in Q4 March 2025 over Q4 March 2024.
During the quarter, RIL's gross revenue increased by 8.8% Y-o-Y to Rs 288,138 crore, while EBITDA increased by 3.6% Y-o-Y to Rs 48,737 crore. EBITDA margin contracted by 90 basis points Y-o-Y and by 1.1% quarter-on-quarter to 16.9%.
Finance costs increased by 6.8% Y-o-Y to Rs 6,155 crore, primarily due to higher average liability balances. Net debt increased to Rs 117,083 crore in Q4FY25 as against Rs 115,465 crore in Q3FY25 and Rs 116,281 crore in Q4FY24.
Annually, RIL's profit after tax and share of profit/(loss) of associates & JVs increased by 2.9% Y-o-Y to Rs 81,309 crore while gross revenue increased by 7.1% Y-o-Y to Rs 1,071,174 crore. EBITDA increased by 2.9% Y-o-Y to Rs 183,422 crore. EBITDA margin contracted by 70 basis points Y-o-Y to 17.1% in FY25.
Commenting on the results, Mukesh D. Ambani, chairman and managing director, RIL said: "FY2025 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape.
The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins. Our business teams ensured optimization of integrated operations and feedstock costs to enhance margin capture across value chains.
The Retail segment also delivered consistent growth. In FY25, the business focused on a strategic recalibration of our store network, aimed at improving operational efficiencies and long-term sustainability. Our enhanced product catalogue and user experience across all formats, strengthened customer engagement. The quick hyperlocal deliveries initiative has also gained significant traction in the market, connecting strongly with the users. Our suite of omni-channel offerings and wide-spread presence will enable Reliance Retail to continue delivering superior value to all its customers.
Our Digital Services business achieved record revenue and profit numbers. Steady increase in subscriber base, with an improving mix and increasing user engagement metrics boosted earnings. Strong adoption of our 5G services and our home broadband offerings continues with accelerated addition in subscribers and in the number of home-connects.
During FY25, we have laid a strong foundation for our projects in renewable energy and battery operations. In the coming quarters, we will see the transition of this business from incubation to operationalization."
Jio Platforms ("JPL"):
Quarterly revenue stood at Rs 39,853 crore , up 17.8% y-o-y, while quarterly EBITDA was at Rs 17,016 crore , up 18.5% y-o-y. EBITDA growth was driven by healthy revenue growth and margin improvement. Total subscriber base was over 488 million as of March 2025, including 191 million True 5G subscribers. 5G adoption and home scale up drove data traffic to ~185 exabytes in FY25, up 24% y-o-y. ARPU improved to Rs 206.2 in Q4 FY25 as against Rs 203.3 in Q3 FY25 and Rs 181.7 in Q4 FY24, with continued impact of the tariff hike and better subscriber mix partly impacted by lower number of days in the quarter.
Reliance Retail Ventures ("RRVL"):
Quarterly revenue stood at Rs 88,620 crore, up 15.7% Y-o-Y, while quarterly EBITDA was at Rs 6,711 crore, up 14.3% Y-o-Y. EBITDA margin were at 8.5% in Q4 FY25, as against 8.6% in Q3 FY25 and 8.7% in Q4 FY24. Business opened 1,085 new stores during the quarter. Total transactions recorded were at 361 million, up 16.1% Y-o-Y.
JioMart continued to scale up as a horizontal platform designed to meet diverse customer needs through quick hyper-local deliveries, scheduled deliveries, and daily subscription services. Average daily orders increased by 62% Y-o-Y. Quick hyper local deliveries continued to accelerate and operations scaled to 4,000+ pin codes across 2,100+ stores. The platform continued to expand its offerings led by product options growing by 10% Y-o-Y and the seller base growing by 20% Y-o-Y.
Isha M. Ambani, executive director, Reliance Retail Ventures, said "Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, a sharper product mix, and continued investments in technology and customer experience. We remain focused on shaping the future of retail with agility and purpose."
Oil to Chemicals ("O2C") Segment:
Segment revenue for Q4 FY25 increased by 15.4% Y-o-Y to Rs 164, 613 crore due to higher volumes and increased domestic product placement. Segment EBITDA for Q4 FY25 decreased by 10.0% Y-o-Y to Rs 15,080 crore due to sharp fall in transportation fuel cracks and lower polyester chain margins partially offset by higher volume, feedstock cost optimization and higher PP and PVC delta. Total throughput was higher at 20.3 MMT in Q4 FY25 as against 20.2 MMT in Q3 FY25 and 19.8 MMT in Q4 FY24.
Oil And Gas (Exploration and Production) Segment:
Q4 FY25 revenue fell by 0.4% Y-o-Y to Rs 6,440 crore mainly on account of lower gas production and lower oil offtake from KGD6, partly offset with improved KGD6 gas price realisation and higher CBM production. The average price realized for KGD6 gas was $10.09/MMBTU in 4Q FY25 vis-vis $9.53/MMBTU in Q4 FY24. The average price realised for CBM gas was $10.36/MMBTU in 4Q FY25 vis-vis $14.34/MMBTU in 4Q FY24. EBITDA declined 8.6% to Rs 5,123 crore on Y-o-Y basis following higher operating cost due to one-time maintenance activity and a natural decline in KGD6 volumes.
Jiostar Business:
In FY25, JioStar reported revenues of Rs 10,006 crore with EBITDA (including other income) of Rs 774 crore (since merger from 14 November 2024). The launch of JioHotstar on 14th February created the biggest OTT platform in the country. Within five weeks of launch, JioHotstar crossed 100 million paid users. JioStar TV network occupied 34% market share across TV entertainment and reached over 760 million monthly viewers across the country
Meanwhile, RIL's board approved raising up to Rs 25,000 crore through issuance of listed, secured/unsecured, redeemable non-convertible debentures, in one or more tranches, on private placement basis. It also recommended a dividend of Rs 5.50 per equity share for the financial year ended 31 March 2025.
Further, the board approved acquisition of 100% equity stake of Kandla GHA Transmission Limited ("KGTL"), from PFC Consulting Limited ("PFCCL"), for an aggregate consideration not exceeding Rs 20 crore. This is in accordance with the terms of the tender awarded to the company, for establishment of turnkey construction of 765/400kV GIS substation at Kandla including transformers and reactors, 765kV transmission lines between Halvad and Kandla, 765kV Bay extension at Halvad and STATCOM. Post acquisition, KGTL will become a wholly owned subsidiary of the company. KGTL was incorporated in India on 27 November 2024 and is yet to commence commercial operations.
The said investment will enable the company to execute the Independent Transmission Project (ITP) "Transmission System for Supply of Power to Green Hydrogen / Ammonia manufacturing potential in Kandla area of Gujarat (Phase-I: 3 GW)".
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.
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