Thu Jan 16 17:17:59 UTC 2025: ## Reliance Industries Posts Bumper Profit in Q3, Driven by Jio and Retail Growth

**Mumbai, India** – Reliance Industries Limited (RIL), India’s largest private sector company, announced a significant jump in its net profit for the third quarter (October-December) of the fiscal year 2024. The company reported a net profit of ₹21,930 crore (approximately $2.6 billion USD), a 11.7% increase compared to ₹17,265 crore in the same period last year.

This robust performance was driven by strong contributions from across its diverse business portfolio, including oil and gas, retail, and digital services. Revenue for the quarter reached ₹2,67,186 crore, a 7.7% increase year-on-year. EBITDA (earnings before interest, taxes, depreciation, and amortization) also saw a healthy rise, reaching ₹48,003 crore, up 7.8% year-on-year.

**Jio Platforms Fuels Growth:**

Jio Platforms Limited, RIL’s digital arm, played a crucial role in the company’s success. Its EBITDA surged by 18.8% year-on-year to ₹16,585 crore, marking a new high. Net profit for Jio Platforms increased by 26% to ₹6,861 crore. The company added 3.3 million new subscribers, bringing its total subscriber base to 482.1 million by the end of December 2024.

**Retail Sector Shows Strength:**

Reliance Retail also contributed significantly to the overall growth. Its gross revenue increased by 8.8% year-on-year to ₹90,333 crore, boosted by festive season promotions, new product launches, and strong in-store activity. EBITDA for the retail segment reached ₹6,632 crore, a 9.8% increase compared to the same period last year. Reliance Retail also expanded its footprint, adding 779 new stores, bringing the total number of stores to 19,102.

**Debt Reduction and Capital Expenditure:**

Despite significant capital expenditure of ₹32,259 crore during the quarter, Reliance Industries managed to reduce its consolidated debt from ₹1,19,372 crore in December 2023 to ₹1,15,465 crore. This demonstrates the company’s focus on fiscal prudence and efficient management of resources. The impressive financial results showcase Reliance Industries’ continued strength and diversification across key sectors of the Indian economy.

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