Billionaire Mukesh Ambani-owned Reliance Industries ---the first Indian company to cross the Rs 10 lakh crore mark in terms of net worth--- recorded double-digit growth in the telecom and retail segments for the quarter ended March 2025, which both boosted the overall topline as well as bottomline of the company.
Meanwhile, the full year gone by saw a steady financial performance given company's focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements, said Mukesh Ambani, Chairman and Managing Director.
He further said FY2025 has been a challenging year in terms of the global business environment, with weak macro-economic conditions and a shifting geo-political landscape.
Here are 10 key important highlights from the earnings:
1) Profit
Reliance reported profit at Rs 22,611 crore for the March 2025 quarter, growing 6.4 percent over the corresponding period of the previous financial year.
However, tax expenses during the same period increased by 1.4 percent YoY to Rs 6,669 crore, the company said in its filing to the exchanges.
2) Topline
Revenue for final quarter of FY25 at Rs 2.88 lakh crore grew by 8.8 percent compared to the same period of the previous fiscal, thanks to the double-digit growth in digital, retail and oil-to-chemicals segments.
3) Operating Performance
Its EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 3.6 percent year-on-year to Rs 48,737 crore during Q4FY25, backed by robust growth in Jio Platforms and Reliance Retail.
However, the EBITDA margin for the quarter came in at 16.9 percent, compared to 17.8 percent in the corresponding period of the previous financial year.
Reliance said depreciation was steady at Rs 13,479 crore, declining 0.7 percent YoY. However, finance cost increased by 6.8% YoY to Rs 6,155 crore, primarily due to higher average liability balances.
Jio Platforms continued to report strong numbers with profit growing 25.8 percent YoY to Rs 7,023 crore and revenue soaring 17.8 percent to Rs 39,853 crore in the fourth quarter of FY25.
"Operating revenue growth was driven by impact of tariff revisions for mobility services, and growth in homes and digital services businesses," Reliance said.
EBITDA during the quarter grew by 18.5 percent YoY to Rs 17,016 crore driven by healthy revenue growth and margin improvement (of 40 bps YoY).
Jio, which had total subscriber base of over 48.8 crore, recorded another quarter of healthy improvement in ARPU (average revenue per user) to Rs 206.2 due to flow through of tariff hike, up 13.5 percent YoY and 1.4 percent QoQ.
Reliance Retail Ventures has registered a 30.4 percent on-year growth in profit at Rs 3,519 crore, and a 15.7 percent increase in revenue at Rs 88,620 crore for the quarter ended March 2025, with growth across consumption baskets.
EBITDA for the quarter jumped 14.3 percent YoY to Rs 6,711 crore with improved operational efficiencies and superior store operating metrics. Margin stood at 8.5 percent against 8.7 percent during the same period.
Reliance Retail had 19,340 stores at the end of March 2025, increasing from 18,836 stores as of March 2024.
6) Oil-To-Chemical (O2C)
The O2C segment registered a 15.4 percent YoY growth in revenue to Rs 1.64 lakh crore for the March 2025 quarter due to increased volumes and broader domestic product footprint, with exports growing 2.2 percent to Rs 73,749 crore.
EBITDA for the segment in the same period decreased by 10 percent to Rs 15,080 crore due to a 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 increased by 2.5 percent YoY to 20.3 MMT, and production meant for sale grew by 4.7 percent to 17.9 MMT during the quarter.
7) Oil & Gas
Oil and gas segment revenue declined by 0.4 percent year-on-year to Rs 6,440 crore due to lower gas production and lower oil offtake from KGD6, partly offset by higher gas price realisation in KGD6 field and higher CBM production.
"The average price realized for KGD6 gas was $10.09 per MMBTU in Q4FY25 against $9.53 per MMBTU in Q4FY24. The average price realised for CBM gas was $10.36 per MMBTU against $14.34 per MMBTU during the same period," Reliance said.
The segment's EBITDA dropped by 8.6 percent in the same period to Rs 5,123 crore on higher operating cost due to onetime maintenance activity and a natural decline in KGD6 volumes.
Its KGD6 production for the quarter at 63.7 BCFe (billions of cubic feet equivalent) decreased by 10.8 percent and CBM production at 2.7 BCFe surged by 28.6 percent compared to same period previous fiscal.
8) FY25 Performance
Reliance had a strong performance for the full financial year 2024-25 with record consolidated revenue at Rs 10.71 lakh crore, growing 7.1 percent YoY as well as record EBITDA at Rs 1.83 lakh crore, up 2.9 percent over the previous fiscal.
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 operationalisation," Mukesh Ambani said.
He firmly believes that the New Energy growth engine will create significant value for Reliance, for India and for the world.
Consolidated profit of the company for the fiscal FY25 at Rs 81,309 crore increased by 2.9 percent YoY, however, EBITDA margin during the year was 17.1 percent compared to 17.8 percent in the previous year.
9) JioStar Business
The JioStar business recorded profit of Rs 229 crore for the fiscal 2025 on revenue of Rs 10,006 crore, with EBITDA of Rs 774 crore.
Reliance said JioHotstar served 503 million MAUs in March 2025 driven by key sporting events such as ICC Champions Trophy, IPL and India’s largest digital content library of greater than 320K hours.
JioStar TV network occupied 34 percent market share across TV Entertainment and reached over 76 crore monthly viewers across the country, it added.
10) Dividend, Fund Raising, Capex
Reliance Industries has announced dividend of Rs 5.5 per share for the financial year ended March 2025.
Meanwhile, the Board has approved raising of funds through issuance of non-convertible debentures up to Rs 25,000 crore, in one or more tranches, on private placement basis.
The capital expenditure for the quarter ended March 2025 was Rs 36,041 crore, compared to Rs 23,207 crore in March 2024 quarter while for the full year, its capital expenditure was at Rs 1,31,107 crore against Rs 1,31,769 crore in the previous fiscal.
Reliance said the cash & cash equivalents in FY25 was Rs 2.3 lakh crore against Rs 2.08 lakh crore in FY24. Net debt as of March 2025 stood at Rs 1.17 lakh crore compared to Rs 1.16 lakh crore at the end of March 2024.
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