Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q3 2025 Earnings Presentation
65 slides from Reliance Industries's earnings presentation, Jan 16, 2025
Slide 1: 3Q FY25 Financial Results Presentation
3Q FY25 Financial Results Presentation 16 January 2025 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or
Slide 3: Consolidated Financial Results
Consolidated Financial Results 3
Slide 4: 3Q FY25 – Consolidated Highlights
3Q FY25 – Consolidated Highlights REVENUE EBITDA PAT ₹ 267,186 crore (US$ 31.2 bn) ₹ 48,003 crore (US$ 5.6 bn) ₹ 21,930 crore (US$ 2.6 bn) 7.7% YoY 7.8% YoY 11.7% YoY 1. Robust performance led by consumer 4. Higher ARPU and rising FTTH businesses and O2C penetration driving robust Digital Services p
Slide 5: 3Q FY25 – Digital Services Segment Highlights
3Q FY25 – Digital Services Segment Highlights Digital Services (JPL) 1. Robust growth led by impact of tariff hike and scale- up of home and digital services businesses US$ Mn ₹ crore % YoY Revenue 4,526 38,750 19.2% 2. EBITDA margin sustained at 50.1% EBITDA 1,937 16,585 18.8% 3. Customer addition
Slide 6: 3Q FY25 – Retail Segment Highlights
3Q FY25 – Retail Segment Highlights 1. Strong Revenue and EBITDA growth benefiting from Retail (RRVL) festive season demand, streamlining of operations in US$ Mn ₹ crore % YoY past quarters and productivity gains Revenue 10,550 90,333 8.8% 2. Grocery – strong 37% growth in B2C, traction in EBITDA 79
Slide 7: 3Q FY25 – O2C Segment Highlights
3Q FY25 – O2C Segment Highlights 1. Steady YoY growth led by operational excellence O2C ✓ Leveraging benefit of favorable feedstock sourcing US$ Mn ₹ crore % YoY ✓ Higher volumes (Turnaround in 3Q FY24) Revenue 17,472 149,595 6.0% ✓ Strong volume growth in domestic fuel retailing- Gasoline (+44%), D
Slide 8: 3Q FY25 – Oil & Gas Segment Highlights
3Q FY25 – Oil & Gas Segment Highlights Oil & Gas 1. YoY EBITDA marginally lower due to ✓ 5.3% decline in KG D6 volumes US$ Mn ₹ crore % YoY 2. Higher KG D6 gas price realization and CBM Revenue 744 6,370 -5.2% production partially offset lower volumes EBITDA 650 5,565 -4.1% 3. KG D6 average producti
Slide 9: Consolidated Financial Results: 3Q FY25
Consolidated Financial Results : 3Q FY25 US$ Mn ₹ crore % QoQ % YoY 1. YoY Revenue growth led by robust performance in Revenue 31,206 267,186 3.5% 7.7% Digital Services and Retail EBITDA 5,607 48,003 9.3% 7.8% 2. YoY EBITDA growth driven by consumer businesses Finance Cost 722 6,179 2.7% 6.7% Deprec
Slide 10: EBITDA Contribution YoY
EBITDA Contribution YoY 3Q FY25 vs 3Q FY24 - ₹ crore (YoY) 1. O2C – Sustained performance aided by higher volumes, stronger domestic markets and better polymer deltas 407 48,003 2,384 2. Oil & Gas – lower KG D6 production volumes offsetting 589 slightly higher price realizations 44,525 337 239 3. Re
Slide 11: EBITDA Contribution QoQ
EBITDA Contribution QoQ 3Q FY25 vs 2Q FY25 - ₹ crore (QoQ) 1. O2C – EBITDA higher with recovery in refining margins 501 325 48,003 and improved PP and PVC deltas 979 1,989 275 2. Oil & Gas – Marginal improvement in KG D6 gas price realization and CBM volumes supported earnings 43,934 3. Retail – Str
Slide 12: Robust Balance Sheet
Robust Balance Sheet Dec-24 Sep-24 Change US$ Mn ₹ crore ₹ crore ₹ crore Gross Debt 40,931 350,453 336,337 14,116 Cash & cash equi. 27,445 234,988 219,899 15,089 Net Debt 13,486 115,465 116,438 -973 1. Maintaining balance sheet strength and flexibility 2. Robust cash flows support growth initiatives
Slide 13: Digital Services
Digital Services 13
Slide 14: Rapid Adoption of Jio's True5G
Rapid Adoption of Jio’s True5G 170 Pan India network and improving device 5G subscribers (mn) 5G % of wireless traffic availability drives Jio 5G subscriber base to 40% over 170 million as of Dec’24 5G now accounts for ~40% of wireless traffic with ~15 Exabytes during the quarter Jio network continu
Slide 15: JioHome – Broadband Beyond Top 1,000 Towns
JioHome – Broadband Beyond Top 1,000 Towns Industry leading capacity and pan India coverage Mix of AirFiber connects by location (%) has enabled JioAirFiber to catalyze fixed broadband revolution in unserved towns Top-1000 Record home connects of ~2 million in 3Q Towns, 30% FY’25 with total connecte
Slide 16: Enterprise Business – Outpacing Industry Growth
Enterprise Business – Outpacing Industry Growth Positioning JioCx, IoT and Cloud for Strong 280% YoY increase in large 01 04 wallet share gains across BFSI, Govt government tender wins; increasing share in and SMB clients state government connectivity infrastructure Recent wins across Co-operative B
Slide 17: Jio's All-Encompassing AI Strategy
Jio’s All-Encompassing AI Strategy NATIONAL AI LARGE SCALE INTERNAL PRODUCTS AND INFRASTRUCTURE ADOPTION of AI SERVICES FOR MARKETS • Create GW scale, AI ready • Embedding AI into all of • Cutting-edge and affordable data centres Reliance Group’s processes, solutions for consumers, • Multiple AI inf
Slide 18: Jio @ IMC 2024
Jio @ IMC 2024 JioBrain AI Versatile ML platform for seamless integration across operations AI For Skill JioCloudPC JioEducation Development Convert TV screen into a AI powered immersive computer through STB Devices and Apps for learning technical skill building Vertical focused AI For Agriculture S
Slide 19: JioAICloud: India's Own Customer Data Platform
JioAICloud: India's Own Customer Data Platform Store, Share, Sync, Stream, Secure AI-Powered Features & Use Cases JioAICloud TurboUpload and Memories Creation CloudBridge Face Grouping Immersive Experience on JioSTB / Large AI Magic Tools Screen AI Photo Edit DigiLocker Integration Made for India, S
Slide 20: JioCloud PC – Taking Compute To Every Home
JioCloud PC – Taking Compute To Every Home Feature Rich Platform ➢ Work, learn & create ➢ 100 GB storage, 8 GB RAM ➢ 2.45 GHZ processor Built to scale & adapt ➢ Auto-updates via cloud ➢ Latest tech at fingertip Pay as you go ➢ No Lock-in ➢ Zero maintenance Powerful, Scalable Computer for Every Home
Slide 21: Quarterly Highlights
Quarterly Highlights 1 Tariff hike and scale up of digital platforms drive strong revenue growth momentum ➢ JPL consolidated Operating Revenue at Rs 33,074 Crore, growth of 19.4% YoY ➢ JPL consolidated EBITDA at Rs 16,585 Crore, growth of 18.8% YoY 2 Subscriber base at 482.1 million in Q3 FY’25 ➢ Su
Slide 22: Consistent Improvement In Monetization
Consistent Improvement In Monetization ARPU (Rs/sub/month) ARPU has increased at ~10% CAGR over last five years 203.3 5-Year CAGR +10% Full impact of July’24 tariff hike still to play out Affordability and increasing customer 128.1 engagement to sustain ARPU growth for connectivity services Distribu
Slide 23: RJIL: Key Operating Metrics
RJIL: Key Operating Metrics Q3’FY25 Q2’FY25 Q3’FY24 ➢ ARPU at Rs 203.3 in Q3’FY25; growth Total Customer base 482.1 478.8 470.9 driven by impact of tariff revision and (million) improving customer mix Net Customer addition 3.3 (10.9) 11.2 (million) ➢ Industry leading customer engagement ARPU with pe
Slide 24: RJIL: Q3'FY25 Financials
RJIL: Q3’FY25 Financials Operating Revenue (in Rs crore) EBITDA (in Rs crore) 29,307 15,798 28,338 15,225 26,478 25,959 14,022 25,368 13,734 13,422 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 ➢ RJIL Operating Revenue growth of 15.5% YoY driven by impact of tariff revisions
Slide 25: Jio Platforms Limited: Key Financials
Jio Platforms Limited: Key Financials JPL Consolidated ➢ Q3 FY25 Revenue from operations at Rs 33,074 Particulars Q3 FY25 Q2 FY25 Q3 FY24 Crore; 19.4% YoY growth Gross Revenue* 38,750 37,119 32,510 Operating Revenue 33,074 31,709 27,697 ➢ Non-connectivity digital revenue increased 60%+ YoY with annu
Slide 26: Reliance Retail
Reliance Retail 26 26
Slide 27: Q3 FY25 Performance Highlights (1/2)
Q3 FY25 Performance Highlights (1/2) 1. Gross Revenue of Rs. 90,333 crore in the quarter, 18.4% QoQ growth (8.8% YoY) driven by productivity improvement & increased customer engagement during festive period through new product launches and promotions 2. EBITDA at Rs 6,828 crore, strong 16.7% QoQ gro
Slide 28: Q3 FY25 Performance Highlights (2/2)
Q3 FY25 Performance Highlights (2/2) 1. Digital Commerce & New Commerce contributed 18% of total revenue 2. Opened 779 new stores taking total count to 19,102 stores with 77.4 mn sq. ft. retail area 3. Entered into India franchise for Saks Fifth Avenue; JV with Mothercare PLC to acquire Mothercare b
Slide 29: Financial Performance
Financial Performance In Rs. crore % Change % Change Q2 FY25 Parameter Q3 FY25 Q3 FY24 QoQ YoY 76,302 18.4% Gross Revenue 90,333 83,063 8.8% 66,502 19.7% Net Revenue 79,595 74,373 7.0% 5,675 16.9% EBITDA from Operations 6,632 6,041 9.8% 8.5% -20 bps EBITDA Margin from Operations (%) 8.3% 8.1% +20 bp
Slide 30: Performance Highlights: Consumer Electronics
Performance Highlights: Consumer Electronics 1. Stores deliver strong growth during the quarter marked by festive & wedding season; growth led by growth in ABV and conversions 2. Strong performance during festive period and new year campaign led by new product launches and attractive promotions; del
Slide 31: Performance Highlights: Fashion & Lifestyle (1/3)
Performance Highlights: Fashion & Lifestyle (1/3) Apparel & Footwear 1. Strong bounce back in Apparel & Footwear business led by launch of trendy designs and improved store experience Festive Campaign 2. Beauty and sleepwear categories introduced across store formats 3. New formats continue to scale
Slide 32: Performance Highlights: Fashion & Lifestyle (2/3)
Performance Highlights: Fashion & Lifestyle (2/3) Ajio B2C 1. AJIO delivers steady performance led by growth in ABV (up 7% YoY) and new customer addition of 1.9 mn, up 26% YoY 2. Expanded catalogue to 2.2 mn (33% YoY growth) – over half a million new options added during this year Black Friday Sale
Slide 33: Performance Highlights: Fashion & Lifestyle (3/3)
Performance Highlights: Fashion & Lifestyle (3/3) Premium Brands 1. Business delivers steady growth led by uptick in festive demand 2. Strengthened portfolio with the launch of EL&N café & Sandro, signed India franchise for Saks Fifth Avenue 3. Global expansion of owned IPs: AFEW Rahul Mishra and AK
Slide 34: Performance Highlights: Grocery
Performance Highlights: Grocery 1. 37% YoY growth in B2C business led by big box formats 2. Growth across categories led by general merchandise & value apparel (20% YoY), premium personal care & beauty (16% YoY) 3. Premiumization of assortment improves customer experience and drives higher ABV 4. Su
Slide 35: Performance Highlights: Online Grocery
Performance Highlights: Online Grocery 1. Expanding product range with seller base up 33% YoY 2. Successfully executed festive campaign – JioUtsav; witnessed 1.5X jump in GMV 3. Accelerating express deliveries with strong unit economics by leveraging existing infrastructure and scale a) Operating ac
Slide 36: Performance Highlights: Consumer Brands
Performance Highlights: Consumer Brands 1. Strong growth across categories with 9M FY25 revenue at ~Rs 8,000 crore a) Campa & Independence brands continues to gain traction across markets; Campa has garnered 10%+ market share in sparkling beverage category in select states b) Both brands projected t
Slide 37: Oil & Gas
Reliance Industries Limited Oil & Gas
Slide 38: Oil and Gas Segment Performance – 3Q FY25
Oil and Gas Segment Performance – 3Q FY25 1. YoY Revenue and EBITDA decline on account of US$ Mn ₹ crore % QoQ % YoY ✓ 5.3% decrease in KG D6 production volume Revenue 744 6,370 2.4% -5.2% EBITDA 650 5,565 5.2% -4.1% ✓ Lower price realization for condensate and CBM gas EBITDA Margin (%) 87.4% +240 b
Slide 39: KG D6 – Fueling India's Energy Transition
KG D6 – Fueling India’s Energy Transition Average Gas Production (MMSCMD) 28.7 28.5 28.0 30.0 27.1 25.0 19.3 20.0 17.4 15.0 10.0 6.5 5.0 0.0 FY21 FY22 FY23 FY24 1Q FY25 2Q FY25 3Q FY25 RIL continues to be a material contributor to India’s gas economy 39
Slide 40: Global Gas / LNG Markets
Global Gas / LNG Markets 1. Gas/LNG prices remain elevated during the quarter Historical Prices ($/mmbtu) 20.0 ✓ Spot LNG prices up ~8% QoQ to ~$14/mmbtu ✓ Prices got support from LNG Terminals outages, Geopolitical 15.0 concerns, stoppage of Russian gas through Ukraine 10.0 2. Weaker Asian demand,
Slide 41: India Gas Market
India Gas Market Ceiling Price Vs WIM LNG (in $/MMBtu) 1. India gas demand for 3Q FY25 remained stable at 35 32.59 ~193 MMSCMD amidst elevated global prices 30 28.02 29.32 25 2. Consumption increased by 10% in CY24 over CY23 20 11.29 ✓ Growth in consumption was supported by all 15 9.78 12.91 10.53 1
Slide 42: Oil to Chemicals (O2C)
Reliance Industries Limited Oil to Chemicals (02C)
Slide 43: O2C - Quarterly Review / Looking beyond Near-term
1 O2C - Quarterly Review 2 O2C - Looking beyond Near-term 43
Slide 44: O2C Financial Performance – 3Q FY25
O2C Financial Performance – 3Q FY25 YoY US$ Mn (₹ crore) % QoQ % YoY 1. Resilient EBITDA in volatile markets supported by Revenue 17,472 1,49,595 -3.8% 6.0% ✓ Operational flexibility, higher volumes (+9%) EBITDA 1,682 14,402 16.0% 2.4% ✓ Strong domestic demand EBITDA Margin (%) 9.6% 160 bps -40 bps
Slide 45: O2C Operating Performance
O2C Operating Performance 3Q FY25 3Q FY24 1. With subdued margins aromatics production Feedstock (Vol in MMT) optimized and high value transportation fuel Throughput 20.2 18.7 production increased 2. Domestic fuel sale maximized with sustained Production meant for sale demand Transportation fuels 11
Slide 46: Energy Market Environment
Energy Market Environment Avg. Brent Crude ($/bbl) 1. Avg. Brent Crude prices fell 11.1% YoY & 6.8% QoQ to 100 86.8 84.0 83.2 84.9 $74.7/bbl 78.4 80.2 80 74.7 ✓ Strong US Dollar, weak Chinese economy and high 60 non-OPEC production kept markets well supplied 40 2. US Ethane price averaged at 22 cpg
Slide 47: Global Oil Demand
Global Oil Demand 120 102.5 103.6 104.0 1. Global oil demand up 1.5 mb/d YoY 90 ✓ Asia ex-China ( 0.8 mb/d), EU ( 0.3 mb/d) mb/d 60 30 ✓ Demand also spurred by firm gas prices in EU and Asia 0 3QFY24 2QFY25 3QFY25 2. Transportation fuel demand growth remained firm 40 29.1 28.7 29.2 ✓ Gasoline up 0
Slide 48: Fuel Markets – Gasoline
Fuel Markets – Gasoline 3Q FY25 drivers Gasoline Cracks ✓ Cracks fell YoY on lower China demand and record high US 10 9.6 refinery runs resulting in ample supply ✓ Domestic demand up 9.6% YoY to 10.2 MMT 8 ✓ Positive momentum in PV, 2-wheeler sales during festive season 7.6 6 6.8 RIL actions 6.5 $/b
Slide 49: Fuel Markets – Diesel
Fuel Markets – Diesel Gasoil Cracks 3Q FY25 drivers ✓ Cracks fell YoY on weak China demand and higher inventories 28 ✓ Cracks up QoQ with lower China exports and strong India demand 24 24.4 ✓ Domestic demand up 4.8% YoY to 23.9 MMT 19.3 20 RIL actions 16 $/bbl 15.1 ✓ Stronger domestic product placem
Slide 50: Fuel Markets – ATF/Kero
Fuel Markets – ATF/Kero ATF Cracks 3Q FY25 drivers ✓ Cracks fell YoY in line with gasoil cracks 28 ✓ QoQ cracks improved with strong holiday season demand, 24 23.6 particularly in Asia-Pac region, led by India 20 ✓ Domestic demand for ATF grew 8.9% YoY to 2.3 MMT 15.7 16 RIL actions $/bbl 14.8 12 13
Slide 51: Polymer Market - PE
Polymer Market - PE PE Deltas ($/MT) 3Q FY25 drivers 450 ✓ Stable PE deltas with marginal price improvement 392 400 ✓ Favourable ethane cracking, prices decline 3% YoY to 22 cpg 350 ✓ Domestic demand up 5% led by retail and food packaging 300 304 294 RIL actions 292 250 ✓ Maximized light feed cracki
Slide 52: Polymer Market - PP
Polymer Market - PP PP Deltas ($/MT) 3Q FY25 drivers 500 ✓ PP delta up 9% YoY on improved price and stable 439 450 feedstock prices 400 ✓ Domestic demand up 16% led by consumer 350 durables, packaging, construction and automotive 300 308 281 293 RIL actions 250 200 ✓ Improved asset availability help
Slide 53: Polymer Market - PVC
Polymer Market - PVC PVC Deltas ($/MT) 3Q FY25 drivers 500 479 ✓ PVC delta improved with 12% YoY decline in EDC prices ✓ Domestic PVC demand was up 16% led by agriculture 400 and infrastructure 361 342 347 300 RIL actions 200 ✓ Focus on freight cost reduction, emphasis on premium grades to capture h
Slide 54: Polyester Chain
Polyester Chain Polyester Chain Deltas ($/MT) 3Q FY25 drivers ✓ Polyester chain delta down 12%, dragged by 47% decline in PX 600 deltas with higher supplies 533 500 ✓ MEG deltas improved from low base, on lower China inventory 488 475 400 430 ✓ Downstream polyester deltas improved by 11%-47% on weak
Slide 55: Summary of Factors Driving O2C Performance
Summary of Factors Driving O2C Performance YoY Demand Deltas RIL Volume (YoY) Environment1 YoY Gasoline Transportation Diesel Fuels ATF PE PP Downstream petrochemical PVC Polyester Chain RIL performance was aided by strong domestic markets and improved asset availability 1. Domestic Demand 55
Slide 56: O2C - Quarterly Review / Looking beyond Near-term
1 O2C - Quarterly Review 2 O2C - Looking beyond Near-term 56
Slide 57: Macro-Environment – Margin Trends
Macro-Environment – Margin Trends Singapore GRM ($/bbl) Polymer Deltas ($/MT) 800 35 25 600 15 400 5 200 -5 PP-Naphtha HDPE-Naphtha PVC-Nap-EDC 700 Polyester Chain Deltas ($/MT) 1. Significant demand destruction during Covid pandemic 2. Geopolitics led dislocation of Energy markets - 600 Ukraine-Rus
Slide 58: Resilience Through Unprecedented Volatility
Resilience Through Unprecedented Volatility Opening Fuel cracks Muted demand, Demand up of Dislocation remained geopolitics, destruction economies in energy elevated, elections, large due to and markets, low capacity additions COVID refinery windfall tax chemical impacted INR crore closures deltas p
Slide 59: Domestic Environment – Polymers Demand
Domestic Environment – Polymers Demand PE PE PP PP PVC PVC Demand drivers (+5% ) (+16%) (+16%) • Higher packaged products and food ordering Packaging ✓ ✓ • Retail and e-commerce growth • Rising middle class, higher disposable income leading to Automobile ✓ ✓ preference for personal mobility • Light
Slide 60: Domestic Environment – Polyester Demand
Domestic Environment – Polyester Demand PET PSF Demand drivers POY • Rising demand for energy and aerated drinks such as CAMPA Beverage ✓ • Demand for packaged water bottles during functions, travel • PET replacing glass in liquor segment Textiles / Home • Personal products like sportswear, fashion
Slide 61: Strong Pipeline of Projects to Sustain Long Term Growth
Strong Pipeline of Projects to Sustain Long Term Growth O2C business well positioned for materials intensive phase of India growth RIL strategy Ongoing Projects 1. Investing in high growth domestic markets 1. Vinyl Chain - Integrated 1.5 MMTPA PVC and CPVC with focus on sustainable profitability fac
Slide 62: O2C – Compelling Long-term Value Opportunity
O2C – Compelling Long-term Value Opportunity 1. Pioneered deep vertical Integration and Oil-to-chemicals concept World-class 2. Diversified product portfolio catering to multiple high growth industries Assets 3. Top decile refinery performance and top quartile cracker costs 1. Pre-eminent position i
Slide 63: Summary
Summary 63
Slide 64: Summary
Summary 1. Record consolidated earnings delivery. Healthy sequential EBITDA improvement across all businesses ✓ Strong YoY consumer business growth; resilient earnings in energy businesses ✓ Consumer business segments contributed ~52% of segment EBITDA 2. Energy business ✓ Domestic market remains st
Slide 65: Thank You
Thank You 65