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Reliance Industries on Friday reported quarterly gross revenue of Rs 2.57 lakh crore ($30.9 billion) for Q1 FY25, up 11.5 per cent year-on-year, led by order-to-cash (O2C) on higher oil and product prices and oil & gas segment with strong growth in volumes. 

Steady growth in consumer businesses also contributed to the increase in revenue.

Its EBITDA increased by 2 per cent to Rs 42,748 crore ($5.1 billion), while strong contributions from oil & gas and consumer business offset weak O2C.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “Consolidated EBITDA for the quarter improved from a year ago period with strong contributions from consumer and upstream businesses offsetting weak O2C operating environment.

"Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services."

He added that the digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum. 

Jio’s True 5G network, covering 85 per cent of India’s 5G capacity, continues to attract users, while the fixed broadband offerings are witnessing increasing consumer traction both at homes and enterprises. 

The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks.

“This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment, and commerce in India. Jio is committed to providing the best-quality state-of-the-art network at the most affordable prices globally," Mukesh Ambani said.

He also said that the company's retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets. 

With the fast-paced expansion of its retail footprint, Reliance Retail continues to cement its position as the preferred retailer for millions of Indians.

“The digital and new commerce segments are also scaling up rapidly. Reliance Retail is focused not only on providing quality products to the customers, but also on enhancing overall customer experience, both during and after sales.

“The deep integration and flexibility built into our O2C business model helped mitigate the impact of a challenging operating environment. The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries. The oil & gas segment continued its growth trajectory with higher production, offsetting lower year-on-year gas price realisations," Mukesh Ambani said.

He also said that Reliance has made significant progress on the implementation of new energy Giga factories. 

On completion, these projects will provide India with a world-class, integrated green energy ecosystem that can propel the next leg of sustainable growth.