Indian firm RIL's revenue reaches record $119.9 bn in FY24

The conglomerate's EBITDA saw a substantial rise of 16.1 per cent YoY, reaching ₹178.67 billion ($21.4 billion), with positive contributions from all key operating segments. Profit after tax also rose by 7.3 per cent YoY to ₹790.2 billion (approximately $9.5 billion).

The fourth quarter (Q4) showed significant growth, with gross revenue up by 10.8 per cent YoY to ₹2,648.34 billion (approximately $31.8 billion), driven by double-digit increase in the consumer business sector. EBITDA for the quarter increased by 14.3 per cent to ₹471.5 billion (approximately $5.7 billion), and profit after tax saw a marginal YoY improvement to ₹212.43 billion (approximately $2.5 billion), the company said in a press release.

The annual performance in the polyester sector faced challenges, with the polyester chain delta declining by six per cent due to weaker PTA and polyester product deltas, though there were improvements in PX and MEG deltas. The polyester chain margin stood at $518 per MT during FY24, down from $550 per MT in FY23.

However, PX margins over Naphtha improved YoY amidst a higher decline in Naphtha prices compared to product prices. The MEG-Naphtha margins also saw a rise, bolstered by an increase in Asian MEG prices due to the Red Sea crisis and Panama Canal restrictions in the second half of FY24.

On a quarterly basis, the polyester chain delta saw a similar six per cent decline YoY in Q4 FY24, with the margin standing at $486 per MT. Domestic polyester demand remained flat during this period, with notable shifts in PFY and PSF demand.

“Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the ₹ 1,000-billion threshold in pre-tax profits,” said Mukesh D Ambani, chairman and managing director, Reliance Industries Limited.

Reliance Retail Ventures Limited (RRVL) continued its trajectory of robust growth, recording a 17.8 per cent increase in gross revenue to ₹3,067.86 billion for FY24. The EBITDA rose impressively by 28.5 per cent YoY to ₹230.4 billion, with an EBITDA margin on net sales improvement of 0.6 percentage points to 8.4 per cent. The quarterly performance also reflected strong growth, with a 10.6 per cent increase in revenue to ₹766.27 billion. EBITDA for the quarter rose by 18.5 per cent YoY to ₹58.23 billion, driven by significant contribution fashion and lifestyle sectors, the release added.

RRVL also expanded its footprint in the fashion sector, developing new formats and strengthening its own brands, with three brands achieving over ₹20 billion in annual sales. Ajio’s ‘All Star Sales’ event attracted customer interest, demonstrating growth in the premium and luxury segments.

Fibre2Fashion News Desk (DP)