Reliance Industries Limited (RIL), India’s leading conglomerate, has announced its Q2 FY2025 results, showcasing a steady performance across its diverse businesses. The company’s consolidated revenue stood at ₹258,027 crore, a marginal 0.8% year-on-year (YoY) growth, driven by improved performance in its retail and digital services segments. However, EBITDA witnessed a slight decline of 2% YoY, coming in at ₹43,934 crore.
RIL Q2 Key Financial Highlights (Q2 FY2025):
- Consolidated Revenue: ₹258,027 crore, up 0.8% YoY.
- EBITDA: ₹43,934 crore, a 2.0% YoY decline.
- Profit After Tax (PAT): ₹19,101 crore, down 3.6% YoY.
- Depreciation: ₹12,880 crore, an increase of 2.3% YoY.
- Jio Platforms: Revenue at ₹37,119 crore, a 17.7% YoY growth; PAT at ₹6,539 crore, up 23.4% YoY.
- Reliance Retail: Revenue at ₹76,302 crore, a slight decline of 1.1% YoY, but EBITDA grew by 1.0% YoY to ₹5,850 crore.
Reliance Industries Q2 Results Lowlights (Q2 FY2025)
- EBITDA Decline: The overall EBITDA dropped by 2.0% YoY, largely due to weaker product margins in the Oil to Chemicals (O2C) segment.
- O2C Segment Performance: EBITDA for the O2C business fell by 23.7% due to a sharp decline in product margins and a 50% drop in fuel cracks.
- Profit Decline: The company’s Profit After Tax (PAT) decreased by 3.6% YoY to ₹19,101 crore.
- Retail Revenue Decline: Reliance Retail (RRVL) reported a 1.1% YoY decline in revenue due to weaker demand in the Fashion & Lifestyle segment.
- Higher Finance Costs: Finance costs rose by 5.0% YoY, impacting profitability, primarily due to higher outstanding debt.
Reliance Industries Q2 FY’25 Key Financial Highlights (Q2 FY25 vs. Q2 FY24):
| Metrics | Q2 FY25 | Q1 FY25 | Q2 FY24 | % Change YoY |
| Gross Revenue (₹ crore) | 2,58,027 | 2,57,823 | 2,55,996 | 0.80% |
| EBITDA (₹ crore) | 43,934 | 42,748 | 44,809 | -2.00% |
| EBITDA Margin (%) | 17 | 16.6 | 17.5 | (50 bps) |
| Depreciation (₹ crore) | 12,880 | 13,596 | 12,585 | 2.30% |
| Finance Costs (₹ crore) | 6,017 | 5,918 | 5,731 | 5.00% |
| Profit Before Tax (₹ crore) | 25,037 | 23,234 | 26,493 | -5.50% |
| Profit After Tax (₹ crore) | 19,101 | 17,448 | 19,820 | -3.60% |
| Capital Expenditure (₹ crore) | 34,022 | 28,785 | 38,815 | -12.30% |
Reliance Industries Segment by Segment Performance:
1. Oil to Chemicals (O2C): The Oil to Chemicals business saw an increase in volumes with improved domestic product placements, although the EBITDA for the segment declined sharply by 23.7% due to weaker product margins and a 50% drop in fuel cracks YoY. However, RIL benefited from its superior ethane cracking economics, which cushioned the impact of this decline.
2. Digital Services (Jio Platforms): Jio Platforms continued its strong performance with a revenue of ₹37,119 crore, marking a 17.7% YoY increase. EBITDA for Jio Platforms grew by 17.8% YoY, reflecting its improved subscriber mix and higher Average Revenue Per User (ARPU). Jio’s True 5G transition has added 148 million subscribers, further strengthening its position in the market.
3. Retail Business (Reliance Retail Ventures Limited): Reliance Retail reported revenue of ₹76,302 crore, down by 1.1% YoY. However, EBITDA saw a slight increase of 0.3% YoY, reaching ₹5,850 crore, with an improvement in EBITDA margins. The segment opened 464 new stores and registered a total footfall of 297 million during the quarter.
Operational Highlights:
- Digital Services: ARPU increased by 7.4% to ₹195.1, with a strong growth in 5G subscribers.
- Retail Expansion: The retail business saw the opening of 464 new stores, reaching 18,946 total outlets.
- Oil & Gas: EBITDA for the Oil & Gas segment grew by 11.0% YoY due to volume growth.
Reliance Jio Q2 Results Highlights (Q2 FY2025):
Reliance Jio continues to showcase impressive growth in its financial performance, driven by increasing subscriber numbers and higher Average Revenue Per User (ARPU). The company solidified its leadership in the 5G space, contributing significantly to Reliance Industries’ overall performance.
Key Financial Highlights (Q2 FY25 vs. Q2 FY24):
| Metrics | Q2 FY25 | Q1 FY25 | Q2 FY24 | % Change YoY |
| Gross Revenue (₹ crore) | 37,119 | 34,548 | 31,537 | 17.70% |
| Revenue from Operations (₹ crore) | 31,709 | 29,449 | 26,875 | 18.00% |
| EBITDA (₹ crore) | 15,931 | 14,638 | 13,528 | 17.80% |
| EBITDA Margin (%) | 50.2 | 49.7 | 50.3 | (10 bps) |
| Depreciation (₹ crore) | 5,989 | 5,851 | 5,415 | 10.60% |
| Finance Costs (₹ crore) | 1,144 | 1,115 | 1,020 | 12.20% |
| Profit After Tax (₹ crore) | 6,539 | 5,698 | 5,299 | 23.40% |
Reliance Jio Q2 Results Key Performance Drivers:
- Revenue Growth: Reliance Jio’s gross revenue grew 17.7% YoY to ₹37,119 crore, driven by higher ARPU and strong subscriber base growth.
- EBITDA Growth: EBITDA increased by 17.8% YoY, reflecting higher revenue and efficient cost management.
- ARPU Increase: ARPU rose by 7.4% YoY to ₹195.1, supported by the ongoing tariff hikes and a better subscriber mix.
- Subscriber Base: Jio’s total subscriber base reached ~479 million, a 4.2% YoY increase, with a significant number of customers transitioning to Jio’s 5G services.
- 5G Expansion: Jio now has 148 million 5G subscribers, contributing ~34% of its wireless data traffic.
Operational Highlights:
- 5G Leadership: Jio further strengthened its 5G presence with 148 million subscribers now on Jio True 5G. The company leads the 5G market outside China, leveraging advanced technologies like Carrier Aggregation and Network Slicing.
- JioAirFiber Growth: Jio’s fixed wireless broadband service, JioAirFiber, crossed 2.8 million connections, positioning Jio as the fastest-growing fixed wireless operator globally.
- Data and Voice Traffic: Per capita data consumption increased to 31GB per month, with a 24% YoY rise in data traffic, further solidifying Jio’s leadership in the digital services market.