Thu Jan 16 12:42:55 UTC 2025: ## Reliance Industries Announces Q3 2024 Earnings Today: Analysts Predict Mixed Results

**Mumbai, January 16, 2025** – Reliance Industries Limited (RIL), India’s largest conglomerate, is set to release its financial results for the third quarter of fiscal year 2025 (Q3FY25) later today. The announcement follows previous releases from other major Indian companies like TCS and HCL Tech.

While analysts anticipate a mixed performance, with overall earnings and EBITDA growth expected to be flat year-on-year (YoY), there are varying expectations across RIL’s diverse business segments.

**Segment-wise Expectations:**

* **Reliance Retail:** While CNBC-TV18 polls predict a nearly 2% YoY increase in EBITDA to ₹6,390 crore, other analysts foresee flat EBITDA growth due to sluggish demand and margin pressures. Goldman Sachs, however, expects a pick-up in YoY sales growth driven by urban consumption recovery.

* **Jio Platforms:** Analysts at Goldman Sachs predict a 6% quarter-on-quarter (QoQ) and 19% YoY revenue increase for Jio Infocomm, with accelerating growth and improved free cash flow. Subscriber additions are also expected to rebound after a decline in Q2. EBITDA growth is projected at 24% YoY.

* **Oil-to-Chemicals (O2C):** This segment is expected to see flat sequential EBITDA growth, with gains in refining earnings offset by weaker petrochemical earnings. Goldman Sachs anticipates a sequential growth in refining net GRM but a longer recovery trajectory for petrochemical margins.

* **Media:** The media business reported a decline in operating revenue, primarily due to a drop in movie segment revenue, although the news portfolio showed growth.

Overall, analysts at Goldman Sachs project a 5% QoQ growth in core EBITDA, but largely flat YoY growth, due to the offsetting effects of strong performance in some segments and weakness in others. Bernstein, meanwhile, holds a more optimistic outlook, predicting 2025 as a year of recovery for the company.

RIL’s Q3FY25 results will be presented to analysts and media this evening following a board meeting. The company’s performance will be closely watched, given its significant influence on the Indian market. The release comes amid a busy day for corporate earnings announcements, with numerous other companies also releasing their Q3 results.

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