Thu Jan 16 13:57:53 UTC 2025: **Reliance Industries Q3 Results Expected to Show Strong Growth Across Segments**

Mumbai, India – Reliance Industries (RIL) is poised to report strong growth across its key business segments in its December quarter results, according to a CNBC-TV18 poll. Analysts predict improved performance driven by festive sales, tariff hikes, and a recovery in the oil-to-chemicals (O2C) business.

**Jio to Lead Growth:** Reliance Jio is expected to report a 4.8% quarter-on-quarter revenue increase to ₹27,709 crore, fueled by the full impact of July’s tariff hikes. EBITDA is projected to rise to ₹16,505 crore from ₹15,036 crore, with ARPU increasing to ₹205 from ₹195. Subscriber numbers will be a key focus, with some analysts forecasting a rebound to 485 million from 478.8 million. This marks the second consecutive quarter of strong growth for Jio.

**Retail Sector Rebounding:** Reliance Retail is expected to show a nearly 2% year-on-year EBITDA increase to ₹6,390 crore. While year-on-year growth will be moderated due to the B2B business in the base quarter, sequential growth will be boosted by festive season sales. Brokerage firm Nuvama anticipates a 7% jump in retail revenue per square foot. EBITDA margins are projected to improve significantly.

**O2C Business Contributing to Overall Gains:** RIL’s O2C business is expected to contribute significantly to the overall EBITDA growth with a projected 10% increase.

**Overall RIL Performance:** RIL’s overall revenue is predicted to remain flat sequentially, while EBITDA is expected to grow by 8% from the September quarter. Net profit is projected to increase by 8% to ₹17,853 crore. The stock closed up 1.8% on Thursday at ₹1,275, its highest point of the day.

**Analyst Sentiment:** Analyst sentiment remains positive, with 33 out of 39 analysts rating RIL as a “buy.” Price targets range from ₹1,295 to ₹1,950.

**Looking Ahead:** While retail profitability has been a drag recently, analysts expect improvement in the second half of 2025. The potential launch of a Jio IPO in late 2025 and the commencement of new energy projects are also seen as positive catalysts. Several brokerages have issued positive outlooks with price targets ranging from ₹1,520 to ₹1,662.

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