Media Release

14th October, 2024

CONSOLIDATED RESULTS FOR QUARTER ENDED 30TH SEPTEMBER, 2024

QUARTERLY CONSOLIDATED REVENUE AT ₹ 258,027 CRORE ($ 30.8 BILLION), MARGINALLY HIGHER
QUARTERLY CONSOLIDATED EBITDA AT ₹ 43,934 CRORE ($ 5.2 BILLION), MARGINAL DECLINE
RECORD QUARTERLY PROFIT AFTER TAX^ OF JIO PLATFORMS AT ₹ 6,536 CRORE
QUARTERLY PROFIT AFTER TAX^ OF RELIANCE RETAIL AT ₹ 2,935 CRORE

CONSOLIDATED FINANCIAL HIGHLIGHTS

(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Gross Revenue 258,027 257,823 255,996 0.8 515,850 487,128 1,000,122
2 EBITDA 43,934 42,748 44,809 (2.0) 86,682 86,715 178,290
3 EBITDA margin (%) 17.0 16.6 17.5 (50 bps) 16.8 17.8 17.8
4 Depreciation 12,880 13,596 12,585 2.3 26,476 24,360 50,832
5 Finance Costs 6,017 5,918 5,731 5.0 11,935 11,568 23,118
6 Profit Before Tax 25,037 23,234 26,493 (5.5) 48,271 50,787 1,04,340
7 Tax Expenses 5,936 5,786 6,673 (11.0) 11,722 12,785 25,707
8 Profit After Tax 19,101 17,448 19,820 (3.6) 36,549 38,002 78,633
9 Share of Profit/(Loss) 222 (3) 58 - 219 134 387
of Associates & JVs
10 Profit After Tax and 19,323 17,445 19,878 (2.8) 36,768 38,136 79,020
Share of Profit/(Loss)
of Associates & JVs
11 Capital Expenditure# 34,022 28,785 38,815 62,807 78,460 131,769

12 Outstanding Debt 336,337 304,937 295,687 336,337 295,687 324,622

13 Cash & Cash 219,899 192,596 177,960 219,899 177,960 208,341
Equivalents
14 Net Debt 116,438 112,341 117,727 116,438 117,727 116,281
15 Net Debt to EBITDA* 0.66 0.66 0.66 0.67 0.68 0.65
^ Profit after Tax and share of Profit/(Loss) of Associates & JVs
#
Excluding amount incurred towards spectrum
* Annualised

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 1 of 24
Media Release
Quarterly Performance (2Q FY25 vs 2Q FY24)

• Gross Revenue remained stable Y-o-Y at ₹ 258,027 crore ($ 30.8 billion).

o Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic
placement of products.
o Digital services revenue increased with the impact of revised telecom tariffs for mobility
services and scale-up of homes and digital services businesses.
o Lower gas price realizations led to 6% lower revenue in the Oil and Gas segment.

• EBITDA decreased by 2.0% Y-o-Y to ₹ 43,934 crore ($ 5.2 billion).

o EBITDA for Jio Platforms Limited (JPL) increased 17.8% Y-o-Y due to better subscriber mix,
digital services scale-up and revision in telecom tariffs.
o EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 bps with
continued focus on streamlining of operations and calibrated approach in B2B.
o O2C EBITDA was lower by 23.7% on account of sharp decline in product margins. Fuel cracks
declined by nearly 50% Y-o-Y. Downstream chemical also declined with muted global demand
in a well-supplied market. RIL benefited due to superior ethane cracking economics driven by
sharp fall in ethane prices.
o Oil and Gas segment EBITDA increased by 11.0% on account of sustained volume growth and
one time provisioning towards decommissioning cost for Tapti field in Q2 FY 24.
• Depreciation increased by 2.3% Y-o-Y to ₹ 12,880 crore ($ 1.5 billion).
• Finance Costs increased by 5.0% Y-o-Y to ₹ 6,017 crore ($ 718 million), primarily due to higher debt.
• Tax Expenses decreased Y-o-Y to ₹ 5,936 crore ($ 708 million).
• Profit After Tax and Share of Profit/(Loss) of Associates & JVs decreased Y-o-Y to ₹ 19,323 crore ($
2.3 billion).
• Capital Expenditure for the quarter ended September 30, 2024, was ₹ 34,022 crore ($ 4.1 billion).

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Page 2 of 24
 Media Release
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the
resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and
Upstream business. This helped partially offset weak contribution from O2C business which was impacted
by unfavorable global demand-supply dynamics.

Growth in Digital Services was led by increased ARPU and improving customer engagement metrics
reflecting the strong value proposition of our services. The home broadband segment is witnessing
accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum
of offerings enables it to digitally empower every village, town and city in India as well as the country’s small
and medium scale enterprises. The digital services business continues to focus on innovative deep-tech
solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to
all Indians.

The retail segment continues to increase its consumer touchpoints and product offerings across physical
and digital channels. The unique omni-channel retail model enables the business to service a wide range of
requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned
domestic as well as global players, expanding its basket of quality product offerings. The focus on
strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and
years and sustain our industry-leading growth momentum.

The first of our New Energy Giga-factories is on-track to commence production of solar PV modules by the
end of this year. With a comprehensive range of renewable solutions including solar, energy storage systems,
green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor
to global clean energy transition.”

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Page 3 of 24
 Media Release
CONSOLIDATED JIO PLATFORMS LIMITED (“JPL”)

QUARTERLY REVENUE AT ₹ 37,119 CRORE, UP 17.7% Y-o-Y

QUARTERLY EBITDA AT ₹ 15,931 CRORE, UP 17.8% Y-o-Y
TOTAL SUBSCRIBER BASE WAS ~479 MILLION AS OF SEP’24, UP 4.2% Y-O-Y
STRONG 7.4% Y-O-Y INCREASE IN ARPU TO ₹ 195.1, FULL IMPACT OF TARIFF HIKE TO FLOW THROUGH IN THE
NEXT 2-3 QUARTERS

JIO FURTHER STRENGTHENS ITS LEADERSHIP IN 5G WITH 148 MILLION SUBSCRIBERS NOW TRANSITIONED TO 5G
AND CONTRIBUTING ~34% OF WIRELESS DATA TRAFFIC

PER CAPITA DATA CONSUMPTION INCREASED TO 31GB/ MONTH WITH HIGHER MIX OF 5G AND HOME USERS
ANOTHER RECORD QUARTER FOR HOME CONNECTS, JIO IS THE FASTEST GROWING FIXED WIRELESS OPERATOR
GLOBALLY WITH OVER 2.8 MILLION JIOAIRFIBER CONNECTIONS

A. FINANCIAL RESULTS
(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No. FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Gross Revenue 37,119 34,548 31,537 17.7 71,667 62,177 128,521
2 Revenue from 31,709 29,449 26,875 18.0 61,158 52,990 109,558
Operations
3 EBITDA 15,931 14,638 13,528 17.8 30,569 26,644 54,959
4 EBITDA Margin (%)* 50.2 49.7 50.3 (10bps) 50.0 50.3 50.2
5 Depreciation 5,989 5,851 5,415 10.6 11,840 10,690 22,103
6 Finance Costs 1,144 1,115 1,020 12.2 2,259 2,002 4,048
7 Tax Expenses 2,259 1,974 1,794 25.9 4,233 3,552 7,374
8 Profit After Tax 6,539 5,698 5,299 23.4 12,237 10,400 21,434
9 Share of Profit/(Loss) of (3) (5) (2) - (8) (5) (11)
Associates & JVs
10 Profit After Tax and 6,536 5,693 5,297 23.4 12,229 10,395 21,423
Share of Profit/(Loss) of
Associates & JVs
* EBITDA Margin is calculated on Revenue from Operations

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 4 of 24
 Media Release
Quarterly Performance (2Q FY25 vs 2Q FY24)

• Operating revenue (net of GST) growth primarily driven by partial impact of tariff hike and scale-up of
home and digital services businesses.
• Strong EBITDA growth led by healthy revenue growth.
• Healthy PAT growth due to increased revenue and operating leverage.

B. OPERATIONAL UPDATE

Sr. Particulars UoM 2Q 1Q 2Q % chg. FY24

No. FY25 FY25 FY24 Y-o-Y
1 Customer Million 478.8 489.7 459.7 4.2 481.8*
Base
2 ARPU ₹ per subscriber 195.1 181.7 181.7 7.4 181.7*
per month
3 Data Traffic billion GB 45.0 44.1 36.3 24.0 148.5
4 Voice Traffic trillion minutes 1.42 1.42 1.33 6.4 5.48
* for exit quarter

• ARPU increased to ₹ 195.1 with the partial follow-through of the tariff hike and a better subscriber
mix. The full impact of the tariff hike will flow through in the next 2-3 quarters.
• Engagement levels continued to remain strong with total data and voice traffic increasing by 24% and
6.4% Y-o-Y, respectively.
• Limited amount of SIM consolidation observed after the tariff hike, offsetting continued strength in
gross addition in 2Q FY25; monthly churn increased to 2.8%.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 5 of 24
Media Release
C. STRATEGIC PROGRESS
• Jio has reached 148 million subscribers on True5G in less than two years of launch and continues to
be the largest 5G operator outside China. Jio has transformed India from 5G-dark to 5G-bright through
unmatched spectrum holdings, 5G Standalone Architecture, and advanced technologies like Carrier
Aggregation and Network Slicing.
• JioAirFiber’s rapid uptake has significantly accelerated the pace of home connections, with ~2.8
million connected homes by JioAirFiber as of September 24. Jio’s pace of home connections is the
fastest of its kind globally. Scaling up distribution, continuous optimization of the onboarding process,
and technology edge would enable Jio to achieve the target of connecting 100 million homes in India
at record speed.
• At RIL's 47th AGM, the Chairman unveiled Jio’s comprehensive suite of tools and platforms that span
the entire AI lifecycle, called JioBrain. JioBrain is helping RIL embed AI into several processes and
offerings, creating end-to-end workflows with real-time, data-driven insights and automation, which
helps deliver smarter and more responsive services to internal and external customers.
• To support Jio’s vision of ‘AI Everywhere for Everyone using Connected Intelligence’, Jio’s AI-Cloud
Welcome offer was introduced during the quarter. Under this offer, Jio users will get up to 100 GB of
free cloud storage to securely store and access all their photos, videos, documents, digital content,
and data.
• During the quarter, JioTV+ app was made available for free download on all leading Smart TVs without
Set Top Box or additional JioAirFiber/JioFiber connection. This JioTV+ 2-in-1 offer allows users to
connect multiple TVs with one connection and access 800+ Digital TV channels and 13+ OTT apps.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 6 of 24
Media Release
D. LEADERSHIP QUOTE

Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Right from inception, Jio has
focused on deep tech innovation to create customer and shareholder value. The ongoing
transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to
this approach. AI is creating the next runway for this transformation, and Jio is committed to
developing the world’s best AI ecosystem in India, for all Indians.

Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in
financial performance in the current quarter.”

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 7 of 24
 Media Release
CONSOLIDATED RELIANCE RETAIL VENTURES LIMITED (“RRVL”)

QUARTERLY REVENUE AT ₹76,302 CRORE, MARGINALLY DOWN

QUARTERLY EBITDA AT ₹ 5,850 CRORE, MARGINALLY UP
TOTAL FOOTFALL OF 297 MILLION ACROSS FORMATS; 464 NEW STORES OPENED

A. FINANCIAL RESULTS
(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No. FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Gross Revenue 76,302 75,615 77,148 (1.1) 151,917 147,096 306,786
2 Revenue from 66,502 66,260 68,937 (3.5) 132,762 131,096 273,079
Operations
3 EBITDA from 5,675 5,448 5,617 1.0 11,123 10,501 22,222
Operations
4 Investment Income 175 216 213 (17.8) 391 456 844
5 EBITDA 5,850 5,664 5,830 0.3 11,514 10,959 23,066
6 EBITDA Margin (%)* 8.8 8.5 8.5 30 bps 8.7 8.4 8.4
7 Depreciation 1,420 1,667 1,399 1.5 3,087 2,733 5,569
8 Finance Costs 569 550 631 (9.8) 1,119 1,259 2,570
9 Tax Expenses 1,025 898 1,000 2.5 1,923 1,729 3,800
10 Profit After Tax 2,836 2,549 2,800 1.3 5,385 5,236 11,127
11 Share of 99 (96) (10) - 3 2 (26)
Profit/(Loss) of
Associates & JVs
12 Profit After Tax and 2,935 2,453 2,790 5.2 5,388 5,238 11,101
Share of Profit/(Loss)
of Associates & JVs
* EBITDA Margin is calculated on Revenue from Operations

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 8 of 24
Media Release
Quarterly Performance (2Q FY25 vs 2Q FY24)
• Business registered a revenue of ₹ 76,302 crore, down 1.1% Y-o-Y. Growth impacted by weak
Fashion and Lifestyle (F&L) demand, continued focus on streamlining of operations and calibrated
approach to B2B business to improve margins.
• Reported EBITDA at ₹ 5,850 crore which was up 0.3% Y-o-Y.
• EBITDA from operations was at ₹ 5,675 crore, up 1.0% Y-o-Y. EBITDA margin from operations at
8.5%, up 40 bps Y-o-Y.
• Depreciation for 2Q FY25 at ₹ 1,420 crore, up 1.5% Y-o-Y. Depreciation for 1Q FY25 was higher
due to accelerated depreciation for stores under closure.

B. OPERATIONAL UPDATE

Sr. Particulars UoM 2Q 1Q 2Q % chg. FY24

No. FY25 FY25 FY24 Y-o-Y
1 Stores Number 18,946 18,918 18,650 1.6% 18,836
2 Area Operated Million 79.4 81.3 71.5 11.0% 79.1
Sq. ft.
3 Store Footfalls Million 297 296 260 14.2% 1,063
4 Registered Customer Base Million 327 316 281 16.4% 304
5 Number of Transactions Million 343 334 315 8.9% 1,260

Quarterly Performance
• The business opened 464 new stores. Total store count at 18,946 with area under operation at
79.4 million sq. ft.
• The quarter recorded footfalls of over 297 million, a growth of 14% Y-o-Y.
• The focus on scaling up Digital Commerce and New Commerce continued with these channels
contributing to 17% of total revenue.
• The registered customer base grew to 327 million, making Reliance Retail one of the most
preferred retailers in the country.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Page 9 of 24
Media Release
• During the quarter, the business entered into exclusive partnerships with Delta Galil to expand
presence in lingerie and active wear categories; launched ASOS in India.

Consumer Electronics

• Digital stores maintained growth momentum led by a strong growth in average bill value. The
network of Digital stores crossed 650 stores.
• The business executed Digital India campaign successfully with a revenue uptick of 60% Y-o-Y as
the customers benefited from exciting consumer offers and wide selection of products to choose
from.
• resQ, the services business, delivered steady growth with service volume up 28% Y-o-Y. The on-
demand services are now operational in 150 cities.
• Own brand / PBG introduced several new products across categories even as it continued to grow
its merchant base which was up 2X Y-o-Y.
• JioMart Digital business growth was driven across categories. The business expanded its merchant
partners and consistently increasing the wallet share.

Fashion and Lifestyle

• The business remained focused on maintaining fashion newness in the stores which is helping its
engagement with customers. Business benefited from various marketing initiatives during regional
festivals like Onam, Ganesh Chaturthi and Pujo to drive footfalls and transactions.
• The Fashion and Lifestyle vertical has been scaling up new formats which continue to gain positive
traction with customers. Youth focused fashion retail format, Yousta, has crossed a milestone of
50 stores within its first year of launch.

• AJIO delivered steady performance as it expanded its product catalogue by over 25% Y-o-Y and
added over 1.8 million new customers. AJIO has been strengthening its portfolio through new
brands launches like ASOS, H&M, Timberland, to name a few.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 10 of 24
Media Release
• Premium Brands business launched its first Armani Café to further strengthen its F&B portfolio.
Hamleys format continues to do well and is undertaking a focused international expansion.
• Ajio Luxe delivered strong growth with options count increasing by 28% Y-o-Y and brand portfolio
crossing 725 brands.
• Jewelry business delivered growth led by improvement in ABV and launch of 9 new collections
during the period.

Grocery

• Grocery delivered another quarter of steady growth led by Smart Bazaar and Smart stores.
• The business successfully executed Full Paisa Vasool Sale during the period as customers
continued to enjoy the wide choice of offers across categories. The business also registered
highest ever single day sales on Independence Day.
• The growth was broad based across categories led by growth in Confectioneries & Snacks (30%
Y-o-Y), fruits (26% Y-o-Y), apparel (49% Y-o-Y).
• Grocery New Commerce business continues its growth trajectory as Metro format strengthened its
engagement with Trader and HoReCa segments. The business executed multiple campaigns like
Freedom Sales, Mehangai Se Azadi, Metro Aayein Tyohaar Manayein to drive growth.

JioMart

• JioMart is scaling up quick commerce pilot by serving customers through own store network.

• The non-grocery categories continue to do well with AOV growing 2X Y-o-Y led by uptick in
consumer electronics.

• The option count continued to grow with its seller base growing by 46% Y-o-Y and option count up
by13% Y-o-Y giving customers access to a wider product catalogue to choose from.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 11 of 24
Media Release
Consumer Brands

• Consumer brands continue to deliver growth across categories with revenue from General Trade
growing 250%+ Y-o-Y. Many new products / markets were launched under its bouquet of brands
across categories.

C. LEADERSHIP QUOTE

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail continues
to make investments in technology and infrastructure to build a strong foundation for future growth and
maintain market leadership. We continue to strengthen our customer proposition with innovative
products that spans everyday essentials to premium offerings. By continuously enhancing our
assortment and innovating across categories, we are creating a shopping experience that meets the
evolving needs of our customers and reinforces our leadership in the retail space”.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 12 of 24
Media Release
OIL TO CHEMICALS (“O2C”) SEGMENT
QUARTERLY REVENUE AT ₹ 155,580 CRORE ($ 18.6 BILLION), UP 5.1% Y-o-Y
QUARTERLY EBITDA AT ₹ 12,413 CRORE ($ 1.5 BILLION), DOWN 23.7% Y-o-Y

A. FINANCIAL RESULTS
(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No. FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Revenue 155,580 157,133 147,988 5.1 312,713 281,019 564,749
2 Exports 70,631 71,463 83,834 (15.7) 142,094 152,840 299,629
3 EBITDA 12,413 13,093 16,277 (23.7) 25,506 31,563 62,389
4 EBITDA Margin (%) 8.0 8.3 11.0 (300bps) 8.2 11.2 11.0
5 Depreciation 1,800 2,407 2,193 (17.9) 4,207 4,283 8,776

Quarterly Performance (2Q FY25 vs 2Q FY24)

• Segment Revenue for 2Q FY25 increased by 5.1% Y-o-Y to ₹ 155,580 crore ($ 18.6 billion) primarily
on account of higher volumes and increased domestic placement of products.
• Segment EBITDA for 2Q FY25 is lower by 23.7% Y-o-Y to ₹ 12,413 crore ($ 1.5 billion). Unfavourable
demand-supply balance led to sharp ~50% decline in transportation fuel cracks and continued
weakness in downstream chemical deltas.
• Depreciation for 2Q FY24 was higher due to accelerated depreciation for catalyst and equipment
replaced during planned shutdown.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 13 of 24
 Media Release
B. OPERATIONAL UPDATE

Sr. Particulars UoM 2Q 1Q 2Q % chg. FY24

No. FY25 FY25 FY24 Y-o-Y
1 Total Throughput MMT 20.2 19.8 20.0 1.0% 78.2
2 Production meant for MMT 17.7 17.7 17.1 3.5% 67.8
Sale*
* Production meant for Sale denotes Total Production adjusted for Captive Consumption

• FCC debottlenecking for incremental throughput and high severity operation completed successfully
for maximizing margins.
• Optimized primary and secondary unit yields while maximizing throughputs.
• Enhanced arbitrage barrel sourcing to minimize feedstock cost.
• Petrochemical production was maximized while margins were partially supported by lower Ethane
prices.
• Maximized HPIB / IIR production with improved deltas.
• Fuel cost minimized by maximizing gasifier operation at higher throughput, largely eliminating LNG
imports.

Business Environment
• In 2Q FY25, global oil demand rose by only 0.8 mb/d Y-o-Y (vs 2.5 mb/d in 2Q FY24) to 103.9 mb/d.
Gasoline posted a Y-o-Y demand growth of 0.35mb/d while Jet/Kero demand grew by 0.30 mb/d Y-o-
Y. Diesel demand remained flat.
• Dated Brent averaged $ 80.2/bbl in 2Q FY25, down $ 6.6/bbl Y-o-Y. Crude oil benchmarks fell Y-o-Y
due to lower than expected demand growth, especially in China. Increasing supplies from non-OPEC
players pushed prices lower even though OPEC+ countries extended voluntary production cuts.
• Global refinery crude throughput was lower by 0.5 mb/d Y-o-Y at 82.3 mb/d in 2Q FY25.
• Domestic demand of HSD, MS & ATF increased by 0.1%, 7.3% and 9.4% respectively over same
quarter last year.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
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Page 14 of 24
Media Release
• On Y-o-Y basis, 2Q FY25 domestic polymer and polyester demand declined by 5% and 7%
respectively due to seasonal factors.

Polymers
2Q FY25 Performance

• Polymer margins were lower Y-o-Y with firm Naphtha and EDC prices and muted demand. Singapore
Naphtha price was at $651 / MT, up by 5% Y-o-Y. EDC price was at $329 / MT, up 21% Y-o-Y as
price during 2Q FY24 was lower at $273 / MT with ample US supplies.
• PE margin over Naphtha was lower at $304 / MT during 2Q FY25 as against $335 / MT in 2Q FY24.
PP margin over Naphtha was lower at $293 / MT during 2Q FY25 as against $297 / MT in 2Q FY24.
PVC margin over Naphtha and EDC was substantially lower at $347 / MT in 2Q FY25 as against
$460 / MT in 2Q FY24.
• US Ethane price was at 16 cpg, down by 47% Y-o-Y in line with lower US gas prices and higher
Ethane availability, supporting ethane cracking economics.
• During 2Q FY25 polymer domestic demand declined by 5% Y-o-Y. PE demand was down 12% mainly
due to high base effect as 2Q FY24 witnessed higher imports due to multiyear low prices. PVC
demand was up 3% led by continuing focus on Govt. schemes for agriculture and infrastructure. PP
demand remained stable.
• RIL benefited from optimised feedstock sourcing and flexibility, aiding improved margin capture.
• RIL retained its leadership in the domestic polymer market by leveraging a resilient supply chain
network and delivering exceptional customer service, ensuring optimal product placement.

Polyesters
2Q FY25 performance

• Polyester chain delta declined 9% Y-o-Y due to firm Naphtha prices and slow recovery in downstream
demand. Polyester chain margin was $475 / MT during 2Q FY25 as against $524 / MT in 2Q FY24.
• During 2Q FY25, PX margin over Naphtha decreased substantially by 37% Y-o-Y, driven by increase
in PX supplies and firm Naphtha prices. MEG margins improved from a low base, led by decline in
China port inventory.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 15 of 24
Media Release
• On Y-o-Y basis, domestic polyester demand decreased by 7%. PET demand was down 10% due to
low demand from beverages sector led by extended monsoon. PSF and PFY was down by 9% and
5% respectively due to low activity in fabrics market.
• RIL stands out as the sole Indian company with integration from Crude to Polyester, enabling it to
leverage integrated operations and flexibility in optimising production across the chain.

Transportation fuels

2Q FY25 performance

• Cracks of gasoline, gasoil and jet/kero declined from elevated levels a year ago, due to softer demand
growth along with additional supply from new refineries commissioned in Middle East, Asia Pacific &
Nigeria.
• Singapore Gasoline 92 RON cracks declined Y-o-Y to $6.8 / bbl in 2Q FY25 vs $13.1 / bbl in 2Q FY24.
Cracks declined Y-o-Y due to global softness in Gasoline demand, higher inventories and rising EV
penetration in China. Significantly higher refinery runs in the US also led to increased global supplies,
impacting margins.
• Singapore Gasoil 10-ppm cracks declined Y-o-Y to $13.6 / bbl in 2Q FY25 vs $28.8 / bbl in 2Q FY24.
Cracks declined Y-o-Y due to weak economic and industrial activity in China. Diesel cracks were also
impacted by slow recovery in demand in the US and Europe, due to slowing economy amid delayed
interest rate cuts.
• Singapore Jet/Kero cracks declined Y-o-Y to $13.1 / bbl in 2Q FY25 vs $26.1 / bbl in 2Q FY24. Cracks
moved lower in line with gasoil cracks.

Jio-bp update

• Reliance BP Mobility Limited (RBML) (operating under brand Jio-bp), operates a country-wide
network of 1,821 outlets (vs 1,663 in 2Q FY24).
• Industry pioneering propositions including higher mileage delivering diesel at no extra price, industry’s
only loyalty program exclusively for truck drivers and “Petrol Bharo, Sona Jeeto” scheme, aided
market outperformance.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 16 of 24
Media Release
• RBML 2Q FY25 sales for HSD and MS grew at 24.4% & 36.8% on Y-o-Y basis, outpacing the industry
growth rate of 0.3% & 7.3% respectively.
• With continued momentum of volume growth from domestic airlines and deeper foray into
international sector, RBML (operating under brand air-bp Jio) continued to strongly support the Indian
aviation sector. RBML ATF volumes grew by 83.4% vs industry growth of 9.4% on Y-o-Y basis.
• Alongside reinforcing network presence to leverage growth in conventional fuels, RBML has also
strengthened the foundation in low carbon fuels. It has emerged as the leading retailer of both high
methane compressed Bio-gas and public EV charging infrastructure.
• Under Jio-bp Pulse, RBML has grown network to 5,164 live charging points at 520 unique sites with
industry leading charger uptime. This includes 27 of India’s largest charging hubs with >100 charging
points.
• Under Clean N Green, RBML has expanded CBG network to 28 sites retailing Bio-CNG
manufactured at RIL’s 7 digestors. RBML is also ramping up its network of CNG outlets.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 17 of 24
Media Release
OIL AND GAS (EXPLORATION AND PRODUCTION) SEGMENT

QUARTERLY REVENUE AT ₹ 6,222 CRORE ($ 743 MILLION), DOWN 6.0% Y-o-Y

RECORD QUARTERLY EBITDA AT ₹ 5,290 CRORE ($ 631 MILLION), UP 11.0% Y-O-Y

A. FINANCIAL RESULTS
(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No. FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Revenue 6,222 6,179 6,620 (6.0) 12,401 11,252 24,439
2 EBITDA 5,290 5,210 4,766 11.0 10,500 8,781 20,191
3 EBITDA Margin (%) 85.0 84.3 72.0 1,300 bps 84.7 78.0 82.6
4 Depreciation 1,343 1,344 1,323 1.5 2,687 2,147 5,360

Quarterly Performance (2Q FY25 vs 2Q FY24)

• 2Q FY25 revenue is lower by 6.0% as compared to 2Q FY24 mainly on account of lower price
realisation partly offset by increase in gas and condensate volumes in KGD6 and CBM field.
• The average price realized for KG D6 gas was $ 9.55/MMBTU in 2Q FY25 vis-à-vis $ 10.46/MMBTU
in 2Q FY24. The average price realised for CBM gas was $ 11.4/MMBTU in 2Q FY25 vis-à-vis $
13.72/MMBTU in 2Q FY24.
• EBITDA increased to ₹ 5,290 crore which is up by 11.0% on Y-o-Y basis. EBITDA margin was at
85.0% for 2Q FY25.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 18 of 24
 Media Release
B. OPERATIONAL UPDATE

Sr. Particulars UoM 2Q 1Q 2Q % chg. FY24

No. FY25 FY25 FY24 Y-o-Y
1 KGD6 Production BCFe 69.3 69.4 68.3 1.5 260.3
2 CBM Production BCFe 2.6 2.3 2.1 23.8 8.3

KGD6:
• The average KGD6 Production for the 2Q FY25 is 28.5 MMSCMD of gas and 20,832 bbl / day of
Oil / Condensate.
• The current rate of production is ~28.1 MMSCMD of gas and ~ 21,000 bbl / day of Oil / Condensate.

CBM:
• In CBM implementation of 40 Multi-lateral wells campaign under way and 28 wells have been
completed out of 40 wells. Currently 27 wells are under production ramp-up resulting in significant
improvement in production.
• The current rate of production is 0.80 MMSCMD with a significant contribution from new wells under
production.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 19 of 24
 Media Release
MEDIA BUSINESS

QUARTERLY REVENUE AT ₹ 2,118 CRORE, MARGINALLY DOWN

MERGER OF NEWS BUSINESSES INTO NETWORK18 COMPLETED, CREATING INDIA’S LARGEST OMNICHANNEL
NEWS MEDIA POWERHOUSE

JIOCINEMA CROSSES 16 MILLION PAID SUBSCRIBERS, CONTINUES TO BE THE FASTEST GROWING SVOD OTT

A. FINANCIAL RESULTS
(₹ in crore)
Sr. Particulars 2Q 1Q 2Q % chg. 1H 1H FY24
No. FY25 FY25 FY24 Y-o-Y FY25 FY24
1 Gross Revenue 2,118 3,650 2,164 (2.1) 5,768 5,954 10,826
2 Revenue from Operations 1,825 3,141 1,865 (2.1) 4,966 5,104 9,297
3 EBITDA 55 3 (31) - 58 77 33
4 EBITDA Margin (%)* 3.0 0.1 (1.7) 470 bps 1.2 1.5 0.4
5 Depreciation 68 70 57 19.3 138 98 210
6 Finance Cost 170 150 66 157.6 320 134 322
7 Tax Expenses 5 1 1 - 6 (63) (64)
8 Profit After Tax (188) (218) (155) (21.3) (406) (92) (435)
9 Share of Profit/(Loss) of 36 23 37 - 59 65 110
Associates & JVs
10 Profit After Tax and Share (152) (195) (118) (28.8) (347) (27) (325)
of Profit/(Loss) of
Associates & JVs
* EBITDA Margin is calculated on Revenue from Operations

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 20 of 24
 Media Release
Quarterly Performance (2Q FY25 vs 2Q FY24)

• Media business operating revenue declined marginally by 2.1%, primarily due to a sharp drop in
revenues of movie segment, a project-based business.
• News portfolio revenue grew 6% driven by growth in Digital segment advertising revenue, across
all brands. TV advertising environment was soft during the quarter as advertising volumes across
industry for the news genre declined by over 20% Y-o-Y. EBITDA for the News business
continued to improve with a sharp turnaround in the first half of the fiscal.
• Entertainment business operating revenue was down 5%, primarily due to the drop in movie
segment revenue. In 2Q FY24, Viacom18 Studios had 2 big-ticket movies whereas no movies were
released in the current quarter. This impact was largely offset by growth in subscription revenue
on account of new pricing as well as the increased monetisation of Sports portfolio. Growth in ad
revenue was primarily driven by digital, across both sports and non-sports segments. JioCinema’s
recently launched SVOD plans witnessed strong traction and helped it become the fastest-growing
subscription-based OTT platform in the country.
• The Group continued to make investments in Sports and Digital, which had an impact on operating
profits.
B. OPERATIONAL UPDATE

Sr. Particulars UoM 2Q 1Q 2Q % chg. FY24

No. FY25 FY25 FY24 Y-o-Y
1 Network Share - TV -
11.9% 11.3% 11.3% 5.3 11.4%
News1
2 Network Share - TV -
11.1% 10.1% 10.5% 5.7 10.7%
Entertainment2
3 Monthly Reach - Digital Million
236.5 235.8 211.4 11.9 206.2
News3

1
BARC Data: Last week of the quarter; for FY24 - Average of all weeks
2
BARC Data for the quarter/year
3
Comscore MMX data: 2Q FY25 (Aug’24), 1Q FY25 (Jun’24), 2Q FY24 (Sep’23), FY24 (Apr’23-Mar’24)

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 21 of 24
 Media Release
News

• Network18’s TV News bouquet had an all-India viewership share of 11.9%1 in the news genre,

60bps higher on a Q-o-Q basis, driven by growth in viewership across markets. The network

maintained its leadership as the highest reach news network in the country, reaching over 200

million2 people on a weekly basis. The network continued to be the leader in key markets with

CNBC TV18 (#1 business channel with 68.0%+3 viewership share), CNN News18 (#1 English

news channel with 39.5%4 viewership share), and News18 India (#1 Hindi news channel with

13.8%5 viewership share). The network had leadership in Hindi speaking markets of

UP/Uttarakhand, Bihar/Jharkhand, Rajasthan and Gujarat and strong #2 positions in West Bengal

and Orissa.

• Network18’s Digital portfolio continued to be a #2 player with ~240 million monthly Unique Visitors

(UVs) across its portfolio. Both Moneycontrol and News18.com continued to see increase in

engagement, with 30%+ Y-o-Y and 40%+ Y-o-Y growth in Page Views, respectively. Moneycontrol

also delivered a 50% Y-o-Y increase in UVs, driven by its expanding editorial coverage and new

product features. Moneycontrol Pro crossed 9.2 lakh paid subscribers, fortifying its position as the

#1 subscription-based news and financial intelligence platform in India and amongst the top 3 in

Asia as per FIPP's Digital Subscription Report. Firstpost is nearing 6 million subscribers on

YouTube, making it one of the fastest growing news platforms in India.

1
Source: BARC | TG: 15+ | Market: All India | Wk 39’24
2
Source: BARC | TG: 15+ | Market: All India
3
Source: BARC | Mkt: India, News Genre | TG: NCCS AB, Male 22+ | Week 27’24-39’24
4 Source: BARC | Mkt: India, News Genre | TG: NCCS AB 15+ | Week 39’24
5
Source: BARC | Mkt: HSM, News Genre | TG: 15+ | Week | Week 39’24

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 22 of 24
Media Release
Viacom18

• JioCinema continued to be the fastest growing subscription-based OTT platform, crossing 16

million paid subscribers, 2x Q-o-Q growth. The third season of Bigg Boss OTT was the top driver

for subscription and watch-time. The third season of digital exclusive Bigg Boss OTT was the top

driver of subscription and watch-time. Bigg Boss Marathi replicated its success on TV, becoming

the third most-watched show on the platform. International content catalogue on JioCinema was

amongst the top drivers of subscriber acquisition during the quarter. Affordable monthly

subscription plans of ₹29/month and ₹89/month (family plan) helped increase the sampling for

behind-the-paywall content.

• Viacom18’s coverage of Paris Olympics 2024 delivered the highest ever viewership of the event

with 170+ million viewers and 15 billion minutes of watch-time across JioCinema and Sports 18.

JioCinema had up to 20 concurrent live streams spanning 17 dedicated feeds for sports and 3

curated streams for India matches and other high viewer interest events, leading to a high

engagement of over 50 mins/day on the platform.

• TV network’s viewership share increased by 100bps Q-o-Q to 11.1%. Colors strengthened its

position as the #2 prime-time Hindi entertainment channel during the quarter with overall ratings

seeing a growth of more than 10% Q-o-Q. Both Colors Kannada and Colors Marathi saw a sharp

improvement in ratings. Colors Bangla Cinema rose to leadership in the Bengali movie genre and

the network maintained its undisputed leadership in niche genres – Kids, Youth and English.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 23 of 24
Media Release
C. STRATEGIC UPDATE

• The merger of TV18 Broadcast Ltd. (TV18), and e-Eighteen.com Ltd. (E18) with Network18 Media

& Investments Ltd. (Network18) through a Scheme of Arrangement was sanctioned by the Hon’ble

National Company Law Tribunal, Mumbai Bench and was made effective on 3rd October 2024.

Record Date for the purpose of determining the equity shareholders of TV18 and E18 entitled to

receive the equity shares of Network18, as per the Scheme, has been set as October 16, 2024.

• Viacom18 and Star India Private Limited obtained the approval from Competition Commission of

India for the proposed transaction between the two companies. and the Scheme of Arrangement

for merging their business was sanctioned by the Hon’ble National Company Law Tribunal, Mumbai

Bench. The companies are in the process of obtaining other requisite approvals for the completion

of the transaction and transaction closer is expected in 3Q FY 25.

Registered Office: Corporate Communications Telephone : (+91 22) 3555 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 3555 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786
Page 24 of 24
Name of the Company: Reliance Industries Limited
Registered Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER, 2024
(₹ in crore, except per share data and ratios)
Year Ended
Quarter Ended Half Year Ended
Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Income
Value of Sales & Services (Revenue) 258,027 257,823 255,996 515,850 487,128 1,000,122
Less: GST Recovered 22,546 21,606 21,040 44,152 41,341 85,650
Revenue from Operations 235,481 236,217 234,956 471,698 445,787 914,472
Other Income 4,876 3,983 3,841 8,859 7,654 16,057
Total Income 240,357 240,200 238,797 480,557 453,441 930,529
Expenses
Cost of Materials Consumed 107,060 109,206 101,619 216,266 197,428 400,345
Purchases of Stock-in-Trade 52,824 50,001 50,786 102,825 89,158 189,881
Changes in Inventories of Finished Goods, Work-in-
(6,982) (5,749) 304 (12,731) (2,209) (4,883)
Progress and Stock-in-Trade
Excise Duty 3,946 4,433 3,070 8,379 6,342 13,408
Employee Benefits Expense 6,649 7,071 5,947 13,720 12,548 25,679
Finance Costs 6,017 5,918 5,731 11,935 11,568 23,118
Depreciation / Amortisation and Depletion Expense 12,880 13,596 12,585 26,476 24,360 50,832
Other Expenses 32,926 32,490 32,262 65,416 63,459 127,809
Total Expenses 215,320 216,966 212,304 432,286 402,654 826,189
Profit Before Tax 25,037 23,234 26,493 48,271 50,787 104,340
Tax Expenses
Current Tax 3,059 3,070 3,499 6,129 6,891 13,590
Deferred Tax 2,877 2,716 3,174 5,593 5,894 12,117
Profit After Tax 19,101 17,448 19,820 36,549 38,002 78,633
Share of Profit / (Loss) of Associates and Joint Ventures 222 (3) 58 219 134 387
Profit After Tax and Share of Profit / (Loss) of
19,323 17,445 19,878 36,768 38,136 79,020
Associates and Joint Ventures
Other Comprehensive Income
I Items that will not be reclassified to Profit or Loss (2,024) (264) 192 (2,288) 803 3,852
Income tax relating to items that will not be
II 278 47 (17) 325 (96) (433)
reclassified to Profit or Loss
III Items that will be reclassified to Profit or Loss 314 679 (1,765) 993 (674) 244
Income tax relating to items that will be
IV (74) (165) 459 (239) 183 6
reclassified to Profit or Loss
Total Other Comprehensive Income (Net of Tax) (1,506) 297 (1,131) (1,209) 216 3,669
Total Comprehensive Income for the Period 17,817 17,742 18,747 35,559 38,352 82,689
Net Profit attributable to:
a) Owners of the Company 16,563 15,138 17,394 31,701 33,405 69,621
b) Non-Controlling Interest 2,760 2,307 2,484 5,067 4,731 9,399
Other Comprehensive Income attributable to:
a) Owners of the Company (1,335) 324 (1,143) (1,011) 198 3,567
b) Non-Controlling Interest (171) (27) 12 (198) 18 102
Total Comprehensive Income attributable to:
a) Owners of the Company 15,228 15,462 16,251 30,690 33,603 73,188
b) Non-Controlling Interest 2,589 2,280 2,496 4,869 4,749 9,501

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 1 of 20
 Year Ended
Quarter Ended Half Year Ended
Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Earnings per equity share (Face Value of ₹ 10/-) (Not
Annualised for the quarter/half year ended)
(a.1) Basic (in ₹) 24.48 22.37 25.71 46.85 49.37 102.90
(b.1) Diluted (in ₹) 24.48 22.37 25.71 46.85 49.37 102.90
Paid-up Equity Share Capital (Equity Shares of face value
6,766 6,766 6,766 6,766 6,766 6,766
of ₹ 10/- each)
Other Equity excluding Revaluation Reserve 786,715
Capital Redemption Reserve/Debenture Redemption
2,358 2,358 2,358 2,358 2,358 2,358
Reserve
Net Worth (including Retained Earnings) 769,905 758,040 704,032 769,905 704,032 742,922
Ratios
a) Debt Service Coverage Ratio 2.70 1.79 1.65 2.17 1.66 2.19
b) Interest Service Coverage Ratio 5.16 4.93 5.62 5.04 5.39 5.51
c) Debt Equity Ratio 0.41 0.38 0.39 0.41 0.39 0.41
d) Current Ratio 1.08 1.11 1.16 1.08 1.16 1.18
e) Long-term debt to working capital 2.77 2.69 2.89 2.77 2.89 2.27
f) Bad debts to Account receivable ratio - - - - - -
g) Current liability ratio 0.51 0.49 0.47 0.51 0.47 0.48
h) Total debts to total assets 0.19 0.17 0.18 0.19 0.18 0.18
i) Debtors turnover $ 28.62 28.01 32.26 33.42 29.80 33.30
j) Inventory turnover $ 5.37 5.69 5.99 5.52 5.66 5.73
k) Operating margin (%) 10.1 9.8 11.1 10.0 11.2 11.1
l) Net profit margin (%) 7.4 6.8 7.7 7.1 7.8 7.9
$ Ratios for the quarter/half year have been annualised

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 2 of 20
 UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER, 2024

(₹ in crore)
As at 31st March, 2024
Particulars As at 30th September, 2024
(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment 602,246 606,084
Spectrum 66,857 69,852
Other Intangible Assets 84,871 89,060
Goodwill 14,763 14,989
Capital Work-in-Progress 198,873 152,382
Spectrum Under Development 134,034 129,602
Other Intangible Assets Under Development 65,976 56,871
Financial Assets
Investments 120,122 119,502
Loans 750 899
Other Financial Assets 2,694 2,622
Deferred Tax Assets (Net) 654 938
Other Non-Current Assets 44,871 43,085
Total Non-Current Assets 1,336,711 1,285,886
Current Assets
Inventories 160,950 152,770
Financial Assets
Investments 124,437 106,170
Trade Receivables 30,121 31,628
Cash and Cash Equivalents 90,353 97,225
Loans 4,641 2,517
Other Financial Assets 17,908 23,965
Other Current Assets 50,002 55,825
Total Current Assets 478,412 470,100
Total Assets 1,815,123 1,755,986
EQUITY AND LIABILITIES
Equity
Equity Share Capital 6,766 6,766
Other Equity 812,687 786,715
Non-Controlling Interest 134,871 132,307
Total Equity 954,324 925,788
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 203,928 222,712
Lease Liabilities 16,978 17,415
Deferred Payment Liabilities 106,735 108,272
Other Financial Liabilities 7,650 5,667
Provisions 2,063 2,044
Deferred Tax Liabilities (Net) 77,387 72,241
Other Non-Current Liabilities 3,298 4,480
Total Non-Current Liabilities 418,039 432,831
Current Liabilities
Financial Liabilities
Borrowings 132,409 101,910
Lease Liabilities 4,210 4,105
Trade Payables 175,576 178,377
Other Financial Liabilities 64,030 55,602
Other Current Liabilities 63,210 55,198
Provisions 3,325 2,175
Total Current Liabilities 442,760 397,367
Total Liabilities 860,799 830,198
Total Equity and Liabilities 1,815,123 1,755,986

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 3 of 20
 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2024
(₹ in crore)
Half Year Ended Half Year Ended
Particulars
30th Sep’24 30th Sep’23
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit Before Tax as per Statement of Profit and Loss 48,271 50,787
Adjusted for:
(Profit) / Loss on Sale / Discard of Property, Plant and Equipment and Other Intangible Assets (Net) (20) (67)
Depreciation / Amortisation and Depletion Expense 26,476 24,360
Effect of Exchange Rate Change (705) (1,037)
Net Gain on Financial Assets (858) (663)
Dividend Income (443) (72)
Interest Income (6,048) (5,320)
Finance Costs 11,935 11,568
Operating Profit before Working Capital Changes 78,608 79,556
Adjusted for:
Trade and Other Receivables 7,068 (20,361)
Inventories (8,180) (6,250)
Trade and Other Payables 18,941 22,062
Cash Generated from Operations 96,437 75,007
Taxes Paid (Net) (4,627) (4,162)
Net Cash Flow from Operating Activities 91,810 70,845
B. CASH FLOW FROM INVESTING ACTIVITIES:
Expenditure on Property, Plant and Equipment, Spectrum and Other Intangible Assets (69,137) (65,811)
Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets 1,091 94
Purchase of Other Investments (360,071) (315,894)
Proceeds from Sale of Financial Assets 340,683 338,826
Payment of Deferred Payment liabilities (2,250) (2,099)
Interest Income 8,594 4,366
Dividend Income from Associates 49 3
Dividend Income from Others 502 14
Net Cash Flow used in Investing Activities (80,539) (40,501)
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Issue of Equity Share Capital -# -*
Proceeds from Issue of Share Capital to Non-Controlling Interest (Net of Dividend Paid) - 16,080
Net Proceeds from Rights Issue 13 6
Payment of Lease Liabilities (591) (2,560)
Proceeds from Borrowings - Non-Current (including current maturities) 8,830 42,612
Repayment of Borrowings - Non-Current (including current maturities) (15,839) (26,080)
Borrowings - Current (Net) 16,066 (33,938)
Payment of Dividend to Equity Holders of the Company (6,766) (6,089)
Payment of Dividend to Non-Controlling Interest (77) -
Interest Paid (19,779) (20,581)
Net Cash Flow used in Financing Activities (18,143) (30,550)
Net Decrease in Cash and Cash Equivalents (6,872) (206)
Opening Balance of Cash and Cash Equivalents 97,225 68,664
Add: Upon addition of Subsidiaries - 369
Closing Balance of Cash and Cash Equivalents 90,353 68,827
# ₹ 1,200,000

*₹ 150,000

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 4 of 20
Notes

1. The figures for the corresponding previous periods have been regrouped / reclassified wherever

necessary, to make them comparable.

2. Total Non-Convertible Debentures of the Group outstanding (before netting off prepaid finance
charges and Fair Valuation Impact) as on September 30, 2024 are ₹ 36,889 crore out of which,
Secured Non-Convertible Debentures are ₹ 22,000 crore.

The Secured Non-Convertible Debentures of the Group aggregating ₹ 22,000 crore as on

September 30, 2024 are secured by way of first charge on the Group’s certain movable
properties. The security cover in respect of the Secured Non-Convertible Debentures of the
Group as on September 30, 2024 is more than 1.25 times of the principal and interest amount
of the said Secured Non-Convertible Debentures.

During the period, April 2024 to September 2024, the Group redeemed Listed Unsecured
Redeemable Non-Convertible Debentures amounting to ₹ 1,437 crore (PPD 3).

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 5 of 20
 3. Formulae for computation of ratios are as follows –
Sr. Ratios Formulae

a) Debt Service Coverage Earnings before Interest and Tax

Ratio Interest Expense + Principal Repayments made during the
period for long term loans

b) Interest Service Earnings before Interest and Tax

Coverage Ratio Interest Expense

c) Debt Equity Ratio Total Debt

Total Equity

d) Current Ratio Current Assets

Current Liabilities

e) Long term debt to Non-Current Borrowings (Including Current Maturities of Non-

working capital Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current
Maturities of Non-Current Borrowings)

f) Bad debts to account Bad Debts

receivable ratio Average Trade Receivables

g) Current liability ratio Total Current Liabilities

Total Liabilities

h) Total debts to total Total Debt

assets Total Assets

i) Debtors turnover Value of Sales & Services

Average Trade Receivables

j) Inventory turnover Cost of Goods Sold (Cost of Material Consumed+ Purchases +

Changes in Inventory + Manufacturing Expenses)

Average Inventories of Finished Goods, Stock-in-Process and

Stock-in-Trade

k) Operating margin (%) Earnings before Interest and Tax

less Other Income

Value of Sales & Services

l) Net profit margin (%) Profit After Tax and Share of Profit / (Loss) of Associates and
Joint Ventures

Value of Sales & Services

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 6 of 20
 4. The Audit Committee has reviewed, and the Board of Directors has approved the above results

and its release at their respective meetings held on October 14, 2024. The Statutory Auditors

of the Company have carried out Limited Review of the aforesaid results.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 7 of 20
 UNAUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER, 2024

(₹ in crore)
Year Ended
Sr. Quarter Ended Half Year Ended
Particulars (Audited)
No
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Segment Value of Sales and Services
1 (Revenue)
- Oil to Chemicals (O2C) 155,580 157,133 147,988 312,713 281,019 564,749
- Oil and Gas 6,222 6,179 6,620 12,401 11,252 24,439
- Retail 76,325 75,630 77,163 151,955 147,125 306,848
- Digital Services 38,055 35,470 32,657 73,525 64,734 132,938
- Others 11,623 12,080 19,114 23,703 36,941 80,516
Gross Value of Sales and Services 287,805 286,492 283,542 574,297 541,071 1,109,490
Less: Inter Segment Transfers 29,778 28,669 27,546 58,447 53,943 109,368
Value of Sales & Services 258,027 257,823 255,996 515,850 487,128 1,000,122
Less: GST Recovered 22,546 21,606 21,040 44,152 41,341 85,650
Revenue from Operations 235,481 236,217 234,956 471,698 445,787 914,472

2 Segment Results (EBITDA)

- Oil to Chemicals (O2C)* 12,413 13,093 16,277 25,506 31,563 62,389
- Oil and Gas 5,290 5,210 4,766 10,500 8,781 20,191
- Retail* 5,861 5,672 5,841 11,533 10,980 23,108
- Digital Services 16,139 14,944 14,055 31,083 27,777 56,675
- Others 2,106 2,003 2,206 4,109 4,429 8,466
Total Segment Profit before Interest, Tax and 41,809 40,922 43,145 82,731 83,530 170,829
Depreciation, Amortisation and Depletion

3 Segment Results (EBIT)

- Oil to Chemicals (O2C)* 10,613 10,686 14,084 21,299 27,280 53,613
- Oil and Gas 3,947 3,866 3,443 7,813 6,634 14,831
- Retail* 4,432 4,002 4,438 8,434 8,240 17,524
- Digital Services 9,858 8,806 8,211 18,664 16,147 33,102
- Others 175 39 447 214 1,002 1,206
Total Segment Profit before Interest and Tax 29,025 27,399 30,623 56,424 59,303 120,276
(i) Finance Cost (6,017) (5,918) (5,731) (11,935) (11,568) (23,118)
(ii) Interest Income 2,816 2,618 2,370 5,434 4,671 9,575
(iii) Other Un-allocable Income (Net of
(787) (865) (769) (1,652) (1,619) (2,393)
Expenditure)
Profit Before Tax 25,037 23,234 26,493 48,271 50,787 104,340
(i) Current Tax (3,059) (3,070) (3,499) (6,129) (6,891) (13,590)
(ii) Deferred Tax (2,877) (2,716) (3,174) (5,593) (5,894) (12,117)
Profit After Tax 19,101 17,448 19,820 36,549 38,002 78,633
Share of Profit / (Loss) of Associates and Joint
222 (3) 58 219 134 387
Ventures
Profit After Tax and Share of Profit / (Loss) of 19,878 38,136
19,323 17,445 36,768 79,020
Associates and Joint Ventures

* Segment results (EBITDA and EBIT) include Interest Income pertaining to the respective segments.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 8 of 20
 (₹ in crore)
Sr. Year Ended
Quarter Ended Half Year Ended
No Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
4 Segment Assets
- Oil to Chemicals (O2C) 416,472 420,422 405,010 416,472 405,010 416,322
- Oil and Gas 37,486 38,858 37,988 37,486 37,988 36,625
- Retail 204,673 196,764 185,986 204,673 185,986 198,765
- Digital Services 584,163 560,063 547,127 584,163 547,127 555,269
- Others 266,582 260,931 236,699 266,582 236,699 252,435
- Unallocated 305,747 296,308 269,405 305,747 269,405 296,570
Total Segment Assets 1,815,123 1,773,346 1,682,215 1,815,123 1,682,215 1,755,986
5 Segment Liabilities
- Oil to Chemicals (O2C) 146,530 140,631 103,775 146,530 103,775 127,177
- Oil and Gas 9,352 10,613 6,827 9,352 6,827 11,842
- Retail 81,019 71,869 73,530 81,019 73,530 74,618
- Digital Services 250,695 236,405 247,563 250,695 247,563 237,800
- Others 35,166 36,966 32,975 35,166 32,975 38,759
- Unallocated 1,292,361 1,276,862 1,217,545 1,292,361 1,217,545 1,265,790
Total Segment Liabilities 1,815,123 1,773,346 1,682,215 1,815,123 1,682,215 1,755,986

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 9 of 20
Notes to Segment Information (Consolidated) for the Quarter and Half Year Ended 30th
September 2024

As per Indian Accounting Standard 108 ‘Operating Segments’, the Company has reported ‘Segment
Information’, as described below:

a) The Oil to Chemicals segment includes Refining, Petrochemicals, fuel retailing, aviation
fuel and bulk wholesale marketing. It includes breadth of portfolio spanning transportation
fuels, polymers, polyesters and elastomers. The deep and unique integration of O2C
business includes world-class assets comprising Refinery Off-Gas Cracker, Aromatics,
Gasification, multi-feed and gas crackers along with downstream manufacturing facilities,
logistics and supply-chain infrastructure.

b) The Oil and Gas segment includes exploration, development, production of crude oil and
natural gas.

c) The Retail segment includes consumer retail and range of related services.

d) The Digital Services segment includes provision of a range of digital services.

e) Other business segments which are not separately reportable have been grouped under

the Others segment.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 10 of 20
 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER, 2024
(₹ in crore, except per share data and ratios)
Year Ended
Quarter Ended Half Year Ended
Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Income
Value of Sales & Services (Revenue) 140,148 140,202 147,345 280,350 279,567 574,956
Less: GST Recovered 6,094 5,871 6,895 11,965 13,218 27,014
Revenue from Operations 134,054 134,331 140,450 268,385 266,349 547,942
Other Income 3,801 3,502 2,934 7,303 5,662 12,128
Total Income 137,855 137,833 143,384 275,688 272,011 560,070
Expenses
Cost of Materials Consumed 96,836 99,679 99,429 196,515 186,138 376,418
Purchases of Stock-in-Trade 3,383 3,967 3,695 7,350 6,317 13,453
Changes in Inventories of Finished Goods, Work-in-
(723) (4,876) (2,183) (5,599) (2,604) 2,700
Progress and Stock-in-Trade
Excise Duty 3,946 4,433 3,070 8,379 6,342 13,408
Employee Benefits Expense 2,077 2,156 1,884 4,233 3,999 7,807
Finance Costs 2,662 2,963 3,239 5,625 6,835 13,430
Depreciation / Amortisation and Depletion Expense 4,350 4,708 4,384 9,058 8,267 17,690
Other Expenses 15,110 14,657 15,364 29,767 29,473 59,891
Total Expenses 127,641 127,687 128,882 255,328 244,767 504,797
Profit Before Tax 10,214 10,146 14,502 20,360 27,244 55,273
Tax Expenses
Current Tax 2,113 2,457 2,575 4,570 5,223 10,922
Deferred Tax 388 78 719 466 1,186 2,309
Profit After Tax 7,713 7,611 11,208 15,324 20,835 42,042
Other Comprehensive Income
I Items that will not be reclassified to Profit or Loss 53 (46) (26) 7 17 (38)
Income tax relating to items that will not be
II (12) 11 6 (1) (5) 11
reclassified to Profit or Loss
III Items that will be reclassified to Profit or Loss 127 704 (1,813) 831 (774) 63
Income tax relating to items that will be
IV (19) (175) 456 (194) 195 7
reclassified to Profit or Loss
Total Other Comprehensive Income / (Loss) (Net of
149 494 (1,377) 643 (567) 43
Tax)
Total Comprehensive Income for the Period 7,862 8,105 9,831 15,967 20,268 42,085
Earnings per equity share (Face Value of ₹ 10/-) (Not
Annualised for the quarter/half year ended)
(a.1) Basic (in ₹) 11.40 11.25 16.56 22.65 30.79 62.14
(b.1) Diluted (in ₹) 11.40 11.25 16.56 22.65 30.79 62.14
Paid up Equity Share Capital (Equity Shares of face value
6,766 6,766 6,766 6,766 6,766 6,766
of ₹ 10/- each)
Other Equity excluding Revaluation Reserve 508,330
Capital Redemption Reserve/Debenture Redemption
1,683 1,683 1,683 1,683 1,683 1,683
Reserve
Net Worth (including Retained Earnings) 476,936 475,972 447,143 476,936 447,143 468,357

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 11 of 20
 Year Ended
Quarter Ended Half Year Ended
Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Ratios
a) Debt Service Coverage Ratio 2.37 1.02 1.67 1.42 1.27 1.84
b) Interest Service Coverage Ratio 4.84 4.42 5.48 4.62 4.99 5.12
c) Debt Equity Ratio 0.38 0.37 0.38 0.38 0.38 0.41
d) Current Ratio 1.02 1.04 1.20 1.02 1.20 1.09
e) Long term debt to working capital 4.15 3.93 2.81 4.15 2.81 3.47
f) Bad debts to Account receivable ratio - - - - - -
g) Current liability ratio 0.57 0.57 0.54 0.57 0.54 0.54
h) Total debts to total assets 0.21 0.20 0.20 0.21 0.20 0.22
i) Debtors turnover $ 36.58 35.37 21.26 39.46 19.93 29.57
j) Inventory turnover $ 6.95 7.23 7.18 7.22 6.78 7.31
k) Operating margin (%) 6.5 6.9 10.0 6.7 10.2 9.8
l) Net Profit margin (%) 5.5 5.4 7.6 5.5 7.5 7.3

$ Ratios for the quarter/half year have been annualised.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 12 of 20
 UNAUDITED STANDALONE BALANCE SHEET AS AT 30TH SEPTEMBER, 2024
(₹ in crore)
As at 31st March, 2024
Particulars As at 30th September, 2024
(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment 258,052 258,911
Intangible Assets 37,313 40,719
Capital Work-in-Progress 58,123 44,294
Intangible Assets Under Development 20,645 17,338
Financial Assets
Investments 308,155 301,400
Loans 3,545 10,051
Others Financial Assets 15,785 16,902
Other Non-Current Assets 7,358 7,403
Total Non-Current Assets 708,976 697,018
Current Assets
Inventories 83,216 85,100
Financial Assets
Investments 64,064 68,663
Trade Receivables 13,678 14,740
Cash and Cash Equivalents 77,128 69,248
Others Financial Assets 12,124 11,747
Other Current Assets 9,266 13,127
Total Current Assets 259,476 262,625
Total Assets 968,452 959,643
EQUITY AND LIABILITIES
Equity
Equity Share Capital 6,766 6,766
Other Equity 517,551 508,330
Total Equity 524,317 515,096
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 146,307 161,059
Lease Liabilities 2,661 2,692
Provisions 1,663 1,701
Deferred Tax Liabilities (Net) 36,920 36,259
Other Non-Current Liabilities 1,239 2,822
Total Non-Current Liabilities 188,790 204,533
Current Liabilities
Financial Liabilities
Borrowings 53,564 50,731
Lease Liabilities 74 93
Trade Payables due to:
- Micro and Small Enterprises 603 492
- Other than Micro and Small Enterprises 120,056 129,367
Other Financial Liabilities 35,086 27,493
Other Current Liabilities 44,179 30,866
Provisions 1,783 972
Total Current Liabilities 255,345 240,014
Total Liabilities 444,135 444,547
Total Equity and Liabilities 968,452 959,643

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 13 of 20
 UNAUDITED STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2024
(₹ in crore)
Half Year Ended 30th Half Year Ended 30th
Particulars
Sep’24 Sep’23

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax as per Statement of Profit and Loss 20,360 27,244
Adjusted for:
(Profit)/Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets (Net) (17) 50
Depreciation / Amortisation and Depletion Expense 9,058 8,267
Effect of Exchange Rate Change (779) (986)
Net (Gain)/Loss on Financial Assets (171) (16)
Dividend Income (140) (49)
Interest Income (5,790) (4,513)
Finance Costs 5,625 6,835
Operating Profit before Working Capital Changes 28,146 36,832
Adjusted for:
Trade and Other Receivables 3,940 (5,168)
Inventories 1,884 (3,698)
Trade and Other Payables 12,359 14,477
Cash Generated from Operations 46,329 42,443
Taxes Paid (Net) (3,891) (2,579)
Net Cash Flow from Operating Activities 42,438 39,864

B. CASH FLOW FROM INVESTING ACTIVITIES

Expenditure on Property, Plant and Equipment and Intangible Assets (21,037) (16,732)
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 31 42
Investment in Subsidiaries (9,301) (23,031)
Proceeds from Redemption / Disposal of Investments in Subsidiaries 2,804 4,305
Purchase of Other Investments (220,333) (231,267)
Proceeds from Sale of Financial Assets 226,105 255,815
Loans repaid - Subsidiaries, Associates, Joint Ventures and Others 6,506 395
Interest Income 7,247 3,489
Dividend Income from Subsidiaries, Associates and Joint Ventures 140 3
Net Cash Flow used in Investing Activities (7,838) (6,981)

C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Issue of Equity Share Capital -# -*
Net Proceeds from Rights Issue 13 6
Payment of Lease Liabilities (51) (326)
Proceeds from Borrowings - Non-Current (including current maturities) 3,132 16,544
Repayment of Borrowings – Non-Current (including current maturities) (12,665) (20,025)
Borrowings - Current (Net) (4,678) (22,277)
Dividend Paid (6,766) (6,089)
Interest Paid (5,705) (9,196)
Net Cash Flow used in Financing Activities (26,720) (41,363)
Net Increase/(Decrease) in Cash and Cash Equivalents 7,880 (8,480)
Opening Balance of Cash and Cash Equivalents 69,248 61,007
Closing Balance of Cash and Cash Equivalents 77,128 52,527
# ₹ 1,200,000

* ₹ 150,000

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 14 of 20
Notes

1. The figures for the corresponding previous periods have been regrouped / reclassified wherever

necessary, to make them comparable.

2. Total Non-Convertible Debentures of the Company outstanding (before netting off prepaid

finance charges and Fair Valuation Impact) as on September 30, 2024 are ₹ 31,889 crore out

of which, Secured Non-Convertible Debentures are ₹ 22,000 crore.

The Secured Non-Convertible Debentures of the Company aggregating ₹ 22,000 crore as on

September 30, 2024 are secured by way of first charge on the Company’s certain movable

properties. The security cover in respect of the Secured Non-Convertible Debentures of the

Company as on September 30, 2024 is more than 1.25 times of the principal and interest

amount of the said Secured Non-Convertible Debentures.

During the period April 2024 to September 2024, the Company redeemed Listed Unsecured

Redeemable Non-Convertible Debentures amounting to ₹ 1,437 crore (PPD 3).

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 15 of 20
3. Formulae for computation of ratios are as follows –

Sr. Ratios Formulae

a) Debt Service Coverage Earnings before Interest and Tax

Ratio Interest Expense + Principal Repayments made during the
period for long term loans

b) Interest Service Earnings before Interest and Tax

Coverage Ratio Interest Expense

c) Debt Equity Ratio Total Debt

Total Equity

d) Current Ratio Current Assets

Current Liabilities

e) Long term debt to Non-Current Borrowings (Including Current Maturities of Non-

working capital Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current
Maturities of Non-Current Borrowings)

f) Bad debts to account Bad Debts

receivable ratio Average Trade Receivables

g) Current liability ratio Total Current Liabilities

Total Liabilities

h) Total debts to total Total Debt

assets Total Assets

i) Debtors turnover Value of Sales & Services

Average Trade Receivables

j) Inventory turnover Cost of Goods Sold (Cost of Material Consumed+ Purchases +

Changes in Inventory + Manufacturing Expenses)

Average Inventories of Finished Goods, Stock-in-Process and

Stock-in-Trade

k) Operating margin (%) Earnings before Interest and Tax

less Other Income

Value of Sales & Services

l) Net profit margin (%) Profit After Tax

Value of Sales & Services

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 16 of 20
4. The Audit Committee has reviewed, and the Board of Directors has approved the above results

and its release at their respective meetings held on October 14, 2024. The Statutory Auditors

of the Company have carried out Limited Review of the aforesaid results.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 17 of 20
 UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER/HALF YEAR ENDED 30TH SEPTEMBER, 2024
(₹ in crore)
Sr. Year Ended
Quarter Ended Half Year Ended
No. Particulars (Audited)
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
Segment Value of Sales and Services
1
(Revenue)
- Oil to Chemicals (O2C) 129,134 129,781 129,812 258,915 249,620 507,913
- Oil and Gas 6,198 6,162 6,606 12,360 11,226 24,523
- Retail 14 16 19 30 38 74
- Digital Services 334 335 587 669 1,356 1,916
- Others 4,520 4,021 10,429 8,541 17,664 41,120
Gross Value of Sales and Services 140,200 140,315 147,453 280,515 279,904 575,546
Less: Inter Segment Transfers 52 113 108 165 337 590
Value of Sales & Services 140,148 140,202 147,345 280,350 279,567 574,956
Less: GST Recovered 6,094 5,871 6,895 11,965 13,218 27,014
Revenue from Operations 134,054 134,331 140,450 268,385 266,349 547,942
2 Segment Results (EBITDA)
- Oil to Chemicals (O2C)* 8,441 9,068 14,013 17,509 27,166 52,111
- Oil and Gas 5,276 5,205 4,774 10,481 8,819 20,334
- Retail 10 9 11 19 23 42
- Digital Services 189 183 370 372 897 1,179
- Others 1,791 1,773 1,247 3,564 2,411 6,198
Total Segment Profit before Interest,
Tax and Depreciation, Amortisation 15,707 16,238 20,415 31,945 39,316 79,864
and Depletion

3 Segment Results (EBIT)

- Oil to Chemicals (O2C)* 6,982 7,273 12,435 14,255 24,094 45,799
- Oil and Gas 3,943 3,870 3,464 7,813 6,697 15,019
- Retail 1 6 7 7 16 29
- Digital Services 39 35 96 74 264 306
- Others 454 392 69 846 61 1,202
Total Segment Profit before Interest
11,419 11,576 16,071 22,995 31,132 62,355
and Tax
(i) Finance Cost (2,662) (2,963) (3,239) (5,625) (6,835) (13,430)
(ii) Interest Income 2,468 2,450 2,237 4,918 4,398 9,141
(iii) Other Un-allocable Income (Net of
(1,011) (917) (567) (1,928) (1,451) (2,793)
Expenditure)
Profit Before Tax 10,214 10,146 14,502 20,360 27,244 55,273
(i) Current Tax (2,113) (2,457) (2,575) (4,570) (5,223) (10,922)
(ii) Deferred Tax (388) (78) (719) (466) (1,186) (2,309)
Profit After Tax 7,713 7,611 11,208 15,324 20,835 42,042

* Segment results (EBITDA and EBIT) include Interest Income pertaining to the respective segments.

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

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 (₹ in crore)
Year Ended
Sr. Quarter Ended Half Year Ended
Particulars (Audited)
No.
30 Sep'24 30 Jun'24 30 Sep’23 30 Sep’24 30 Sep’23 31 Mar’24
4 Segment Assets
- Oil to Chemicals (O2C) 330,638 331,500 341,621 330,638 341,621 331,147
- Oil and Gas 37,870 39,253 41,320 37,870 41,320 39,761
- Retail 20,509 20,520 18,059 20,509 18,059 20,529
- Digital Services 66,001 66,160 67,565 66,001 67,565 66,155
- Others 180,833 175,225 153,497 180,833 153,497 170,626
- Unallocated 332,601 329,081 305,416 332,601 305,416 331,425
Total Segment Assets 968,452 961,739 927,478 968,452 927,478 959,643

5 Segment Liabilities
- Oil to Chemicals (O2C) 93,163 94,112 73,741 93,163 73,741 87,477
- Oil and Gas 8,798 10,058 6,283 8,798 6,283 11,136
- Retail 6 6 11 6 11 7
- Digital Services 27 103 1,831 27 1,831 261
- Others 15,491 18,776 19,856 15,491 19,856 23,542
- Unallocated 850,967 838,684 825,756 850,967 825,756 837,220
Total Segment Liabilities 968,452 961,739 927,478 968,452 927,478 959,643

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

Page 19 of 20
Notes to Segment Information (Standalone) for the Quarter and Half Year Ended 30th September,
2024

As per Indian Accounting Standard 108 ‘Operating Segments’, the Company has reported ‘Segment
Information’, as described below:

a) The Oil to Chemicals segment includes Refining, petrochemicals, aviation fuel and bulk
wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers,
polyesters and elastomers. The deep and unique integration of O2C business includes world-
class assets comprising Refinery Off-Gas Cracker, Aromatics, multi-feed and gas crackers
along with downstream manufacturing facilities, logistics and supply-chain infrastructure.

b) The Oil and Gas segment includes exploration, development, production of crude oil and
natural gas.

c) The Retail segment includes consumer retail & its range of related services and investment
in retail business.

d) The Digital Services segment includes provision of a range of digital services and investment
in digital business.

e) All other business segments which are not separately reportable have been grouped under
the Others segment.

f) Other investments / assets / liabilities, long-term resources raised by the Company, business
trade financing liabilities managed by the centralised treasury function and related income /
expense are considered under Unallocated.

For Reliance Industries Limited

Mukesh D Ambani
Chairman & Managing Director

October 14, 2024

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; investor.relations@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786

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