Reliance Industries, led by Mukesh Ambani, announced its Q3 results for 2024 with a 7.38% increase in consolidated net profit and a 7.8% jump in consolidated EBITDA as compared to the previous year. The company also reported outstanding debt of ₹3,50,453 Crore and cash and cash equivalents of ₹2,34,988 Crore. Its telecom arm, Jio Platforms, witnessed a 19.2% YoY rise in revenue and a total subscriber base of 48.2 Crore as of December 2024. The company's strong performance reflects its continued growth and stable financial position in the market.
Reliance Industries' Q3 2024 Results: A Comprehensive Review
Introduction
Reliance Industries Limited (RIL), the flagship company of the Reliance Group, is a global conglomerate headquartered in Mumbai, India. Led by billionaire Mukesh Ambani, the company has a diversified portfolio of businesses, including petrochemicals, refining, telecommunications, retail, and renewable energy.
Q3 2024 Financial Performance
On January 20, 2025, Reliance Industries announced its financial results for the third quarter (Q3) of fiscal year 2024. The company reported a 7.38% increase in consolidated net profit to ₹28,511 Crore, primarily driven by higher refining and petrochemical margins. Consolidated EBITDA also rose by 7.8% to ₹42,100 Crore.
Business Highlights
Financial Position
As of December 2024, Reliance's outstanding debt stood at ₹3,50,453 Crore. However, the company's robust cash generation and strong financial discipline allowed it to maintain a healthy cash and cash equivalents balance of ₹2,34,988 Crore.
Outlook
In its earnings call, Reliance expressed confidence in the company's growth prospects. Management highlighted its continued focus on expanding its businesses, reducing debt, and investing in new technologies.
Top 5 FAQs and Answers
1. What factors contributed to Reliance's Q3 2024 performance? A: Higher refining and petrochemical margins, as well as growth in the telecom segment, were key drivers.
2. What is the impact of Jio Platforms' growth on Reliance's overall performance? A: Jio Platforms contributes significantly to Reliance's revenue and plays a crucial role in the company's digital strategy.
3. How is Reliance managing its debt? A: Reliance has maintained a strong cash flow and has been reducing its debt through asset sales and improved profitability.
4. What are Reliance's plans for the future? A: The company plans to continue expanding its core businesses, investing in new technologies, and reducing debt.
5. How did Reliance's Q3 2024 results compare to previous quarters? A: Reliance's Q3 2024 results showed an improvement in both net profit and revenue compared to Q3 2023.
At a joint meeting of various authorities, Chief Secretary Atal Dulloo revealed that the All India Institute of Medical Sciences (AIIMS) Awantipora is expected to be completed and functional by November of this year. He emphasized on expediting the work after the winter season and ensuring adequate water supply to the hospital. The Executive Director of AIIMS, Dr Sachidananda Mohanty, provided an update on the progress and stated that with an expected completion of 61% of the blocks, the institute is on track to meet the November deadline. The Chief Secretary also assured his support for any pending issues that the AIIMS team may have.
The odds of XRP ETF approval in the US have increased to 70% on Polymarket, thanks to the token's surge in price and growing enthusiasm for cryptocurrency under the incoming Trump administration. The token's rise has brought it close to its all-time high of $3.84, set seven years ago. With the launch of Bitcoin and Ethereum ETFs, investors and influencers are now speculating on the potential approval of an XRP ETF. Will the rally continue and will the ETF be approved? The odds seem to be in its favor.
A Messari analyst predicts that XRP will overtake Ethereum as the leading altcoin within the month following Trump's inauguration, citing the "Trump effect" and the potential launch of an XRP ETF. The analyst points to several metrics that suggest Ethereum is currently overvalued, including a historical peak in open interest and a significant drop from its all-time high. This news could have investors reconsidering their investment strategies as the competitive landscape in the cryptocurrency market shifts.
The cryptocurrency market is abuzz with XRP's record-breaking surge, pushing its market cap past Disney's. With analysts predicting a possible $10 price by 2025, XRP's future looks promising. The token's success can be attributed to a combination of factors, including positive regulatory developments and Ripple's growing influence, led by CEO Brad Garlinghouse. As XRP continues to gain traction among institutional investors, it is poised to make a significant impact in the business world and beyond.
Family Express, a convenience store chain based in Indiana, has launched a new and improved loyalty program for its customers. The program incorporates advanced technology, such as a personalized mobile app and artificial intelligence, to create a one-to-one experience for customers. This approach not only boosts sales and customer loyalty, but also sets the brand apart from the competition in the ever-growing loyalty market. Other convenience store operators are advised to continually update and enhance their loyalty programs to meet changing customer expectations or risk losing business to the competition.
The Indian auto industry witnessed a significant event with the inauguration of the Bharat Mobility Global Expo 2025 by Prime Minister Narendra Modi. The first day of the expo saw the unveiling of several new car models from both Indian and international brands, including the Maruti e Vitara, Toyota Urban Cruiser BEV concept, Hyundai Creta Electric, and Tata Sierra EV, Bandipur, and Stealth Editions. These models come with advanced features and impressive ranges, aiming to capture the growing demand for electric vehicles in the Indian market.
The Indian auto industry has been buzzing with news of major developments from two giants, Tata Motors and Eicher. Tata Motors' subsidiaries have partnered with Saraswat Bank for electric fleet financing and have seen a 1% increase in global wholesales in the third quarter of fiscal year 2025, while also urging government incentives for electric fleets. Meanwhile, Eicher has launched their new electric Pro X range for small commercial vehicles and has formed a partnership with TIVOLT Electric Vehicles and Tata Power for EV charging infrastructure. Lohia Auto has also announced their entry into the EV market with their brand 'Youdha.'
As Republic Day approaches, Indian e-commerce platforms Flipkart and Amazon launch their annual sales with attractive discounts. One of the most sought-after deals during this sale is the 14% discount on the iPhone 14 series, with the 128GB model now available for just Rs 50,999, down from its original price of Rs 59,900. This sale also includes additional bank and exchange offers, making the iPhone 14 an even more affordable option for buyers. While Flipkart offers discounts of up to Rs 10,000 on the iPhone 16 and iPhone 16 Plus, Amazon may still have competitive deals with its specific bank offers or gift cards.
Alexa McCulley, an industrial engineer at MARSHALLTOWN Company, tackles daily challenges and problem-solving opportunities in her role at the company's production plant. McCulley's passion for industrial engineering began early in high school and has led her to excel in optimizing production processes and ensuring quality control. Her diverse responsibilities include creating a safe work environment and continuously seeking ways to improve efficiency. With her dedication and expertise, McCulley is a vital part of the company's success.
Honda has finally revealed the prices for the Activa E, its first electric scooter in India, at the 2025 Bharat Mobility Global Expo. There will be two variants available, the base model priced at Rs 1.17 lakh and the higher-end RoadSync Duo at Rs 1.52 lakh. The electric scooter comes with swappable batteries and a claimed range of 102km, but drawbacks include limited storage space and the need to rely on Honda's battery-swapping network for charging. Honda plans to expand its network of battery-swapping stations in major cities.