Reliance Industries Reports Robust FY25 Revenue, Q4 Profit Growth Amidst Segment Dynamics

Reliance Industries Limited (RIL), India's largest business house, on Friday reported its fourth-quarter and year-ended March 31, 2025, financial results, which show a remarkable increase in consolidated revenue for the year and a historic milestone in net worth.

Q4 FY25 Performance

For the fourth quarter of FY25, RIL posted a consolidated net profit of ₹22,611 crore, up 6.44% from ₹21,243 crore in the same quarter of FY24. Revenue from operations during the quarter was ₹2,61,388 crore, up 10.51% from ₹2,36,533 crore in the corresponding quarter of FY24. The numbers were said to have beaten street estimates.

FY25 Performance

For the complete financial year (FY25), Reliance Industries recorded highest ever annual consolidated revenues of ₹9,64,693 crore, a growth of 7.30% YoY. The revenue expansion was mainly led by performance in consumer businesses and the Oil to Chemicals (O2C) business.

Dividend

One key corporate milestone announced with the results is RIL becoming the first Indian company to record a net worth of over ₹10 lakh crore. The board has also approved a final dividend of ₹5.50 per equity share of ₹10/- each for FY25, subject to approval of the shareholders. The company expects to announce the date of the Annual General Meeting in due course along with the subsequent dividend payment date.

Segment-wise performance

Digital Services (Jio): The Digital Services business recorded impressive growth, with Q4 revenue of ₹39,853 crore, an 17.8% YoY growth. Q4 EBITDA of the segment came in at ₹17,016 crore, 18.5% higher YoY. Reliance Jio's subscription base crossed 488 million as of March 2025, including 191 million genuine 5G subscribers. Average Revenue Per User (ARPU) went on to strengthen further to ₹206.2, helped by the effect of tariff increases as well as better subscriber mix. Jio maintains its emphasis on innovation, most notably in AI capabilities and new-generation technologies.

Retail: Reliance Retail Ventures Limited (RRVL) registered Q4 FY25 revenue of ₹88,620 crore, a 15.7% YoY growth, also reported at ₹88,637 crore. EBITDA in the period was ₹6,711 crore, rising 14.3% YoY. The company continued to increase its store footprint, opening 2,659 stores in the year, taking the number of stores to 19,340 with an aggregate area of 77.4 million sq ft, inclusive of store rationalisation. The initiative for quick hyperlocal deliveries picked up very well, with exit daily gross orders in Q4 FY25 increasing 2.4x QoQ. Consumer Brands recorded sales of approximately ₹11,450 crore in its second year. The registered customer base increased 14.8 per cent YoY to 349 million.

Oil to Chemicals (O2C): The Q4 FY25 revenue of the O2C segment rose by 15.4% YoY to ₹164,613 crore ($19.3 billion) on the back of improved volumes and higher domestic product placement. Segment EBITDA for Q4 declined by 10.0% on-year to ₹15,080 crore ($1.8 billion). This decrease was mainly caused by a steep drop in transportation fuel cracks and lower polyester chain margins, partially mitigated by volume growth and feedstock cost savings. For the year FY25, O2C revenue increased by 11.0% YoY to ₹626,921 crore, whereas segment EBITDA was lower at ₹54,988 crore on account of weakness in transportation fuel cracks and muted downstream chemical deltas.

Oil & Gas (Exploration and Production): The segment experienced a Q4 revenue decline of 0.4 per cent YoY, at ₹6,440 crore, primarily on account of reduced gas production and oil offtake from KGD6, partly offset by better KGD6 gas price realisation and increased CBM production. Q4 segment EBITDA at ₹5,123 crore, down 8.6% YoY, due to increased operating expenses on account of one-time maintenance and natural decline in KGD6 volumes. Segment revenue, however, at 3.2% YoY growth for FY25 overall, primarily on the back of increased KGD6 and CBM volumes. The segment EBITDA went up by 4.9% to ₹21,188 crore on a YoY basis, riding high revenues with enhanced margins, and posted an all-time high annual EBITDA.

Other Highlights: Reliance BP Mobility (Jio-bp) recorded high growth in HSD, MS, and ATF sales volumes over industry rates. Jio-bp Pulse grew its EV charging network. JioStar, post-merger, reported revenues of ₹10,006 crore and EBITDA of ₹774 crore, led by its OTT platform with more than 100 million paid users in five weeks of launch and serving 503 million MAUs in March '25.

CapEx

For FY25, RIL's capital expenditure was at ₹131,107 crore ($15.3 billion). The board also sanctioned raising funds up to ₹25,000 crore through issuing non-convertible debentures.

Mukesh Ambani Commentary

Mukesh Ambani, Chairman and Managing Director, Reliance Industries said: “FY2025 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. The Retail segment also delivered consistent growth. The quick hyperlocal deliveries initiative has also gained significant traction in the market, connecting strongly with the users. Jio continues to invest in innovation, focusing on AI capabilities and next generation technologies, which will shape India’s digital future.”

Share Price Movement

Reliance Industries shares were lower on Friday after the announcement of results. The stock was down 0.09% at a trading price of ₹1,300.40. Overall, RIL FY25 results indicate strong revenue growth in key consumer-facing and O2C businesses, while some segments struggled with margin pressures in the fourth quarter.

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