Reliance Industries Q2 Results: Mukesh Ambani's Reliance Industries Limited (RIL) on Monday presented its financial results for the July-September quarter of 2024. The company's profit has declined by 5%. Its profit in the quarter was Rs 16,563 crore, which was Rs 17394 crore in the same quarter a year ago. At the same time, Reliance's revenue increased marginally by 0.2% to Rs 2.35 lakh crore.

Increase in finance cost

Reliance Industries, which has businesses ranging from oil to telecom, reported an EBITDA of Rs 43,934 crore in the second quarter, down 2% compared to last year. Meanwhile, the EBITDA margin fell by 50 basis points (0.50 percent) to 17%.

Finance costs during the quarter rose 5% from a year ago to Rs 6,017 crore ($718 million), mainly due to higher debt.

Strong growth in digital services

Reliance recorded strong growth in digital services and upstream business, which helped offset the weak contribution from the O2C (oil to chemical) business to some extent. The company's oil-to-chemical business was impacted by adverse global demand-supply dynamics.

Great performance of the Jio platform

Looking at the segment, Reliance's digital service unit Jio Platforms' profit grew by 23% to Rs 6,539 crore. While its revenue grew 18% year-on-year to Rs 37,119 crore.

Jio's profit increased.

Reliance Jio Infocomm's profit in the September quarter increased by 23.4% to Rs 6,539 crore, while in the same quarter last year, the company had earned a profit of Rs 5,299 crore. Its revenue stood at Rs 31,709 crore, which is 18% more than Rs 26,875 crore in the same quarter of the previous financial year.

Reliance Retail results

Reliance Retail Ventures (RRVL) reported a 1.3% rise in profit to Rs 2,836 crore as against Rs 2,800 crore in the same quarter a year ago. Its revenue stood at Rs 66,502 crore, down 3.5% from Rs 68,937 crore reported by the company in the same quarter of the previous fiscal.