Reliance Q4 Results:
Reliance Industries Limited (RIL) disclosed a 1.8% year-on-year (Y-o-Y) dip in its consolidated net profit (attributed to the company’s owners) for the quarter concluding in March 2024 (Q4FY24), primarily due to increased tax outlays. Nonetheless, the net profit stood at Rs 18,951 crore, marking nearly a 10% rise sequentially.
The conglomerate, spanning energy to entertainment sectors, observed an 11.1% upturn in revenue in Q4 compared to the previous year, amounting to Rs 2.37 trillion, reflecting a 5.1% increase quarter-on-quarter. Profit after tax for the March quarter remained almost unchanged Y-o-Y, reaching Rs 21,243 crore. Other income for the company surged by 57.7% from the previous year to Rs 4,535 crore in Q4, while tax expenses escalated by 139% Y-o-Y, reaching Rs 6,577 crore.
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Despite falling short of Bloomberg’s consensus estimate of Rs 19,726 billion for the bottom line, the top line surpassed expectations of Rs 2.41 trillion. Additionally, EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 42,516 crore exceeded analysts’ estimate of Rs 42,423 crore.
Reliance Industries Ltd (RIL) has reached a remarkable feat as the first Indian company to exceed the ₹1 lakh crore mark in pre-tax profits. Its net profit for the fiscal year witnessed a seven percent rise to ₹79,020 crore compared to the preceding year. Furthermore, the company unveiled a record-breaking annual consolidated revenue surpassing ₹10 lakh crore, primarily driven by continuous expansion in consumer and upstream businesses.
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