Sat Jan 18 12:13:27 UTC 2025: **Reliance Industries Reports Record Q3 Profit Driven by Strong Performance Across Verticals**

**Mumbai, India** – Reliance Industries Limited (RIL) announced record-breaking consolidated net profit of ₹21,930 crore (approximately $2.66 billion USD) for the quarter ending December 31, 2023, representing a 12% year-on-year increase. This surge in profitability was fueled by exceptional performance across its key business segments: digital services, retail, and oil-to-chemicals.

The digital services division, Jio Platforms, saw EBITDA soar by 17% to ₹16,640 crore, driven by a higher average revenue per user (ARPU) of ₹203.3 and aggressive 5G expansion. Jio now boasts 170 million 5G subscribers, accounting for 40% of its wireless traffic. Further growth is anticipated with upcoming tariff hikes.

Reliance Retail also delivered strong results, with EBITDA increasing 9% to ₹6,840 crore, reflecting robust consumer demand and a successful festive season. The retail segment opened 779 new stores, bringing its total to 19,102. Online sales continue to grow, contributing 18% of total revenue.

The oil-to-chemicals (O2C) segment achieved a 6% revenue increase to ₹1.49 lakh crore, benefiting from strong domestic demand and higher production volumes. While the oil and gas division experienced a slight EBITDA decrease due to lower KG-D6 gas field production, overall upstream performance remained stable.

RIL’s capital expenditure for the quarter totaled ₹32,259 crore, comfortably covered by a cash profit of ₹38,227 crore. The company’s strong financial position and positive outlook across its various business units indicate sustained growth momentum for the foreseeable future. The company did not release its gross refining margins (GRMs) separately.

The impressive results were highlighted by executives from each division, emphasizing strong growth in digital services, retail, and the resilience of the O2C segment despite market challenges. The overall financial performance signals a strong and optimistic outlook for Reliance Industries.

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