Brands
Reliance Industries reports lower net profit; flat revenues in Q2 FY 2025
MUMBAI: Billionaire Mukesh Ambani’s Reliance Industries Ltd reported nearly flat revenues and lower profits for Q2 of FY 2025 ended 30 September 2024 as compared to Q2 of FY 2024 ended 30 September 2023.
Revenue from operations at the oil to telecom conglomerate was at Rs 235,481 crore (Rs 234,956 crore); other income (Rs 4,876 crore vs Rs 3,841 crore) took up total income to Rs 240,357 crore (Rs 238,797 crore). Higher expenses of Rs 215,320 crore (Rs 212,304 crore) took a toll on the bottom line with PBT falling to Rs 25,037 crore (Rs 26,493 crore). Lower taxes (both direct and differed) of Rs 5,396 crore (Rs 6,673 crore) helped rescue the fall in PAT marginally which dropped to Rs 19,101 crore (Rs 19,820 crore). Net profit attributable to the owners of the company fell 4.88 per cent to Rs 16,563 crore (Rs 17,394 crore).
The oil to chemicals business reported higher revenues of Rs 155,580 crore (Rs 147,988 crore) with EBITDA dipping to Rs 12,143 crore (Rs 16,277 crore). A press release stated that the oil to chemicals revenue improved with higher volumes and increased domestic placement of products. EBITDA was lower by 23.7 per cent on account of sharp decline in product margins. Fuel cracks declined by nearly 50 per cent 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.
The oil and gas business had a lower top line with revenues at Rs 6,222 crore (Rs 6,6620 crore). EBITDA for this segment however showed buoyancy rising to Rs 5,290 crore (Rs 4,766 crore). The press release stated that lower gas price realizations led to six per cent lower revenue in the oil and gas segment. Oil and gas segment EBITDA increased by 11.0 per cent on account of sustained volume growth and one time provisioning towards decommissioning cost for Tapti field in Q2 FY 24.
Reliance’s retail business received a slight knock with revenues dropping to Rs 76,325 crore (Rs 77,163 crore). The press release said EBITDA for this segment improved fractionally to Rs 5,861 crore (Rs 5,841 crore) with a continued focus on streamlining of operations and calibrated approach in B2B.
Digital services which includes its Jio Platforms business was the shining star with revenues climbing to Rs 38,055 crore (Rs 32,657 crore) and EBITDA at Rs 16,139 crore (Rs 14,055 crore). The 17.8 per cent Y-o-Y EBITDA increase was due to better subscriber mix, digital services scale-up and revision in telecom tariffs, stated the RIL press release.
“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,” said RIL chairman & managing director Mukesh Ambani. ”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.”
Brands
Angel One Q4 profit surges 83 per cent to Rs 320cr
year net profit dips 22 per cent to Rs 915cr as revenue softens slightly to Rs 5,137cr.
MUMBAI: Angel One has just earned its wings in style delivering a blockbuster Q4 that proves the brokerage giant is still flying high even in a cautious market. Standalone revenue from operations for the three months ended 31 March 2026 rose sharply to Rs 1,459cr, up from Rs 1,056cr a year ago. Total income stood at Rs 1,467cr. After all expenses, profit before tax came in at Rs 440cr, while net profit for the quarter surged 83 per cent to Rs 320cr (versus Rs 175cr last year). Basic EPS stood at Rs 3.52 and diluted at Rs 3.44.
For the full year ended 31 March 2026, revenue from operations was Rs 5,137cr compared with Rs 5,238cr in FY25. Total income reached Rs 5,152cr. Profit before tax was Rs 1,272cr, and net profit came in at Rs 915cr (down from Rs 1,172cr). Basic EPS was Rs 10.09 (from Rs 13.00) and diluted Rs 9.85 (from Rs 12.68).
Total comprehensive income for the quarter stood at Rs 321cr, while the full-year figure was Rs 913cr.
The strong quarterly performance reflects robust growth in interest income (Rs 455cr) and fees & commission (Rs 1,000cr), even as the full-year numbers moderated amid a softer overall environment. Finance costs rose to Rs 134cr in Q4 (full year Rs 437cr), while employee benefits stood at Rs 244cr for the quarter (full year Rs 1,067cr).
In a year when many brokers felt the pinch of muted market activity, Angel One has delivered a sparkling Q4 that shows its core broking engine is firing on all cylinders. With the books now closed on FY26, the Mumbai-based player has once again demonstrated that consistent execution and a sharp focus on retail participation continue to pay rich dividends in India’s booming capital markets.
