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CONSOLIDATED RESULTS FOR QUARTER / YEAR ENDED 31ST MARCH, 2024

RECORD ANNUAL CONSOLIDATED REVENUE AT ? 1,000,122 CRORE ($119.9 BILLION), UP 2.6% Y-o-Y

ANNUAL CONSOLIDATED EBITDA AT ? 178,677 CRORE ($21.4 BILLION), UP 16.1% Y-o-Y

ANNUAL CONSOLIDATED PBT CROSSES ? 100,000 CRORE, AT ? 1,04,727 ($12.6 BILLION), UP 11.4% Y-O-Y

ANNUAL NET PROFIT OF JIO PLATFORMS CROSSES ? 20,000 CRORE MARK

ANNUAL NET PROFIT OF RELIANCE RETAIL CROSSES ? 10,000 CRORE MARK

QUARTERLY CONSOLIDATED EBITDA AT ? 47,150 CRORE ($5.7 BILLION), UP 14.3% Y-o-Y

RIL ANNOUNCES DIVIDEND OF ? 10 /- PER SHARE

CONSOLIDATED FINANCIAL HIGHLIGHTS

Annual Performance

• Gross Revenue was ? 1,000,122 crore ($ 119.9 billion), up 2.6% Y-o-Y, supported by continued growth momentum in consumer businesses and upstream business.

o Revenue for JPL increased by 11.7% Y-o-Y, led by robust subscriber growth of 42.4 million across mobility and homes and benefit of mix improvement in ARPU.

o Revenue for RRVL grew by 17.8% Y-o-Y with strong growth across all consumption baskets, gross area addition of 15.6 million sq. ft.and record footfalls of over a one billion.

o O2C revenue decreased by 5.0% primarily on account of lower product price realization following a 13.5% Y-o-Y decline in average Brent crude oil prices. This was partially offset by higher volumes.

o Revenue from Oil & Gas segment increased significantly by 48.0% mainly on account of higher volumes from KG D6 block (+56.8%), despite lower gas price realisation from KG D6 field.

• EBITDA increased by 16.1% Y-o-Y to ? 178,677 crore ($ 21.4 billion) with positive contribution from all key operating segments.

o JPL EBITDA increased 12.8% Y-o-Y with higher revenue and margin improvement.

o RRVL EBITDA increased sharply by 28.5% Y-o-Y with margin expansion of 60 bps to 8.4%.

o O2C EBITDA increased marginally, supported by optimized feedstock sourcing and strong domestic demand in a challenging margin environment.

o Oil and Gas EBITDA increased sharply by 48.6%, led by higher gas and condensate production with the commissioning of the MJ field during the year

• Depreciation increased by 26.1% Y-o-Y to ? 50,832 crore ($ 6.1 billion) on expanded asset base across all the businesses, higher network utilization in Digital Services business and ramp-up in upstream production.

• Finance Costs increased by 18.1% Y-o-Y to ? 23,118 crore ($ 2.8 billion) due to higher liability balances and higher market interest rates.

• Tax Expenses increased by 26.2% Y-o-Y to ? 25,707 crore ($ 3.1 billion) on account of utilization of tax credits in previous financial year.

• Profit after tax increased by 7.3% Y-o-Y to ? 79,020 crore ($ 9.5 billion).

• Capital Expenditure for the year ended March 31, 2024, was ? 131,769 crore ($ 15.8 billion) with investments in pan-India 5G roll-out, expansion of retail infrastructure and new energy business. This excludes amount incurred towards spectrum and is adjusted for capital advances and regrouping of assets.

Quarterly Performance (4Q FY24 vs 4Q FY23)

• Gross Revenue was ? 264,834 crore ($ 31.8 billion), up 10.8% Y-o-Y, supported by double-digit growth in O2C and consumer business. Oil & gas segment revenues increased sharply by 42.0% with higher volumes from KG D6 block.

• EBITDA increased by 14.3% Y-o-Y to ? 47,150 crore ($ 5.7 billion) with strong contribution from all businesses.

o JPL EBITDA increased 12.5% Y-o-Y with higher revenue driven by sustained momentum in subscriber additions

o EBITDA for RRVL increased sharply by 18.5% led by business efficiencies and a 60bps margin expansion to 8.6%.

o Resilient O2C EBITDA despite weak margin environment. Lower transportation fuel cracks were offset by reduced SAED impact.

o Oil and Gas segment EBITDA increased sharply by 47.5%, led by 66.4% higher gas and condensate production from KG D6 block.

• Depreciation increased by 18.5% Y-o-Y to ? 13,569 crore ($ 1.6 billion) on expanded asset base across all the businesses, higher network utilization in Digital Services business and ramp-up in upstream production.

• Finance Costs decreased by 1.0% Y-o-Y to ? 5,761 crore ($ 691 million) due to lower average liability balances.

• Tax Expenses increased sharply Y-o-Y to ? 6,577 crore ($ 789 million) due to availing of tax credits in the corresponding quarter of the previous year.

• Profit after tax improved marginally Y-o-Y to ? 21,243 crore ($ 2.5 billion).

• Capital Expenditure for the quarter ended March 31, 2024, was ? 23,207 crore ($ 2.8 billion).

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