FY’24 EBITDA At Reliance Industries Soars 16.1% To Rs 178,677 Crore

EBITDA at Reliance Industries Ltd soared 16.1 percent year on year to Rs 178,677 crore or US $21.4 billion in fiscal 2023-24 ending March 2024, due to positive contribution from all operating segments.

Gross revenue grew slower at 2.6 percent year over year to just over Rs 10 lakh crore or $119.9 billion in the previous fiscal, supported by continued growth momentum in consumer and upstream businesses.

Depreciation too increased by 26.1 percent from a year ago period Rs 50,832 crore or $6.1 billion on expanded asset base across all the businesses and ramp-up in upstream production.

In the 12 months ended March 31, 2024, finance costs too grew 18.1 percent year on year to Rs 23,118 crore or $2.8 billion due to higher liability balances and higher market interest rates.

In the reporting period, tax expenses climbed 26.2 percent over its earlier fiscal to Rs 25,707 crore or $3.1 billion on account of utilisation of tax credits in previous financial year.

Profit after tax increased by 7.3 percent year on year in the fiscal under review to Rs 79,020 crore or $9.5 billion.

Reliance Retail delivered resilient performance with another fiscal of strong revenue growth and profit.

The retail business recorded gross revenue of Rs 306,786 crore in fiscal 2023-24, a growth of 17.8 percent over fiscal 2022-23

In the 2023-24 fiscal, the Reliance Retail business grew its store footprint across all its categories and opened 1,840 new stores with gross area addition of 15.6 million sq. feet.

At the end of the reporting fiscal, total store count of Reliance Retail reached 18,836 stores spanning 79.1 million sq. feet.