Financials
Q1-17: Reliance Retail revenue up 46 percent; Jio subscriber base is 15 lakh
BENGALURU: The Mukesh Dhirubhai Ambani led Reliance Industries Limited (RIL) organized retail segment – Reliance Retail, continued its growth momentum and profitability in the quarter ended 30 June 2106 (Q1-17, current quarter). RIL’s organised retail segment contributes to less than 1 percent to gross revenues and yet, in terms of sheer numbers is bigger than most of other major players in the organised retail space in India.
Reliance Retail revenue for Q1-17 grew 45.8 percent year-over-year (y-o-y) to Rs 6,666 crore from Rs 4,572 crore in the corresponding year ago quarter (Q1-16). Quarter-over-quarter (q-o-q), the retail segment’s revenue also grew at double digits – a remarkable 18.6 percent from Rs 5,646 crore in the immediate trailing quarter (Q4-16). RIL says that the increase in turnover was led by growth in digital, fashion & lifestyle and petroleum products.
Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.
Reliance Retail reported segment EBIT (Earnings before interest and taxes) of Rs 148 crore (2.2 percent EBIT margin), 31 percent higher y-o-y as compared to Rs 113 crore (2.5 percent EBIT margin) and 15.6 percent higher q-o-q than Rs 128 crore (2.3 percent EBIT margin).
Reliance Jio Infocomm Limited (RJIL), a subsidiary of RIL, extended its trial services to all LYF devices users under the Jio LYF preview offer. (LYF is the mobile handset brand of Reliance Retail) This has enabled testing of all the services to customers outside the initial set of test users. RJIL now has over 15 lakh test users on its network claims an RIL release. The average monthly consumption per user is in excess of 26 GB and is increasing rapidly. Average voice usage per month is over 355 minutes. The test program will be progressively upgraded into commercial operations in coming months says RIL.
RIL chairman and managing director Mukesh Ambani said, “At Reliance Jio, we have built an entire ecosystem that will allow Indians to live the digital life to the fullest. This transformational ecosystem consists of broadband connectivity, devices and powerful applications and services which will be available to every consumer in India.”
RIL numbers
For Q1-17, RIL achieved a turnover of Rs 71,451 crore ($ 10.6 billion), a decrease of 13.4 percent, as compared to Rs 82,509 crore in the corresponding period of the previous year. The company says that decline in revenue was led by the 26 percent y-o-y decline in benchmark (Brent) oil price which averaged at $ 45.6/bbl (bbl is oil barrel) in Q1-17 as compared to $ 61.9/bbl in the corresponding period of the previous year. Impact of lower prices was partially offset by higher volumes in refining and petrochemicals segments.
Profit after tax including exceptional items was higher by 18.1 percent at Rs 7,113 crore ($ 1.1 billion) as against Rs 6,024 crore in the corresponding period of the previous year.
Said Ambani, ““At Reliance, we continued to harness the power of our integrated energy and materials business portfolio. We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty. Though regional refining margins trended downwards, our high-conversion refining system was able to take advantage of higher margins on middle distillates and wider discounts on sour crude oils. Our refining business delivered another record performance and achieved industry leading GRM (gross refining margin). Our petrochemicals business has a wide product portfolio, superior feedstock linkages and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business and delivered EBIT growth of more than 20.5 percent y-o-y.”
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
