India's Reliance Posts End Of Year Profit Bump
Date
1/16/2025 6:38:32 PM
(MENAFN- The Peninsula)
AFP
Mumbai: Indian conglomerate Reliance Industries posted a 7.38 percent year-on-year bump in profit for the December quarter on Thursday, helped by a strong show from its consumer-facing divisions.
Led by Asia's richest man Mukesh Ambani, Reliance is India's most valuable company by market cap and has aggressively expanded into retail, telecoms and green energy in recent years.
But it still depends heavily on its traditional oil-to-chemicals vertical, whose recent weakness partly contributed to Reliance reporting three consecutive quarters of profit decline last year.
Reliance broke this streak Thursday with net profit coming in at 185.40 billion rupees ($2.139 billion), slightly above the 183.26 billion rupees average of analyst expectations.
Revenue from operations rose 6.97 percent year-on-year to 2.43 trillion rupees, helped by growth across divisions.
In a statement, Chairman Ambani said the petrochemicals arm "showcased its innate resilience" even in this "prolonged period of volatility in the global energy markets".
"Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics," the billionaire tycoon noted, adding that the conglomerate's retail segment "ably capitalized" on festive season demand during the December quarter.
The telecom arm's average revenue per user, a key metric of top line growth, rose 11.9 percent year-on-year to hit 203.3 rupees on the back of what the earnings report said was the "sustained impact" of tariff hikes and a "better subscriber mix".
Gross revenue from Reliance's retail business was up 8.8 percent to 903.3 billion rupees helped by a slight bump in during the holiday season.
Footfalls across its stores grew to 296 million in the quarter for on-year growth of 5 percent.
Reliance Industries shares ended 1.14 percent higher in Mumbai ahead of the earnings announcement.
MENAFN16012025000063011010ID1109099543
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.