RIL's Q3 revenue grew 7.7% to Rs 267,186 crore, while EBITDA climbed 7.8% to Rs 48,003 crore. EBITDA margin expanded by 10 basis points year-on-year to 18% and by 1 percentage point sequentially.

Finance Costs increased by 6.7% Y-o-Y to Rs 6,179 crore, primarily due to higher debt balance. However, net debt remained largely flat at Rs 115,465 crore in Q3FY25 as against Rs 116,438 crore in Q2FY25 and Rs 119,372 crore in Q3FY24.

Mukesh D. Ambani, chairman and managing director, Reliance Industries said: 'Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics. This was well supported by a favorable subscriber mix, with an increasing number of users upgrading to 5G networks. Jio’s compelling offering of home broadband services also continued to rapidly gain ground and maintain its pre-eminent market position.

Retail segment delivered a strong performance, with noteworthy contribution from all formats. The business ably capitalized on the pick-up in consumption amid festive demand during the quarter. A superior understanding of customer needs and preferences enables Reliance Retail to serve a wide variety of demographic profiles with the right product, at the right time, through the right channel.

The O2C business showcased its innate resilience, registering growth even in this prolonged period of volatility in the global energy markets. Refining margins recovered sequentially, with petrochemical deltas exhibiting a mixed trend.'

Consolidated Jio Platforms Limited ('JPL')

JPL's quarterly revenue stood at Rs 38,750 crore, up 19.2% Y-O-Y while quarterly Ebitda was At Rs 16,585 crore, Up 18.8% Y-O-Y. Total subscriber base was at ~482 million as of December 2024, up 2.4% Y-O-Y. ARPU increased further to Rs 203.3 with sustained impact of tariff hike and better subscriber mix. Residual impact of tariff hike still to play out. Net subscriber addition in 3Q FY25 was 3.3 million and monthly churn moderated to 2.0%.

Consolidated Reliance Retail Ventures Limited ('RRVL')

RRVL's quarterly revenue stood at Rs 90,333 crore, up 8.8% Y-O-Y while quarterly Ebitda was at Rs 6,828 crore, up 9.5% Y-O-Y. EBITDA margin from operations stood at 8.3%, up 20 bps Y-o-Y. The business opened 779 new stores. Total store count at 19,102 with area under operation at 77.4 million sq. ft. The quarter recorded footfalls of over 296 million, a growth of 5% Y-o-Y. Grocery B2C business maintained its strong growth momentum with 37% growth Y-o-Y led by big box format.

Isha M. Ambani, executive director, Reliance Retail Ventures, said 'Reliance Retail delivered strong performance during the quarter led by festive buying across consumption baskets. Our focus on offering wide range of products at an attractive price value proposition continues to draw customers to our stores and digital platforms. We are creating through JioMart – express deliveries, scheduled deliveries coupled with Milkbasket - subscription services, a seamless shopping experience that serves diverse customers across all categories and catchment.'

Oil to Chemicals ('O2C') Segment

Segment Revenue for 3Q FY25 increased by 6.0% Y-O-Y to Rs 149,595 crore primarily on account of higher production meant for sale as compared to 3Q FY24 which had planned maintenance and inspection shutdown of major units. Revenue growth was also supported by robust domestic demand and product placement. Domestic fuel retailing volume increased significantly with 43.7% growth in MS and 22.8% growth in HSD.

Segment EBITDA for 3Q FY25 increased by 2.4% Y-O-Y to Rs 14,402 crore following a strong volume-led growth and higher polymer deltas. RIL’s feedstock flexibility, benefits of ethane cracking over naphtha and focus on yield optimization helped offset the impact of unfavorable fuel cracks.

Oil and Gas (Exploration and Production) Segment

The segment's quarterly revenue at Rs 6,370 crore, down 5.2% Y-o-Y. Quarterly Ebitda was at Rs 5,565 crore, down 4.1% Y-O-Y. 3Q FY25 revenue is lower by 5.2% as compared to 3Q FY24 mainly on account of lower volume of gas and condensate in KGD6, lower realisation for CBM Gas and Condensate. This was partly offset by increase in CBM gas volumes and marginal increase in the KGD6 gas price. The average price realized for KGD6 gas was $9.74/MMBTU in 3Q FY25 vis-à-vis $9.66/MMBTU in 3Q FY24. The average price realised for CBM gas was $10.58/MMBTU in 3Q FY25 vis-à-vis $15.55/MMBTU in 3Q FY24.

Separately, RIL announced that its board approved acquisition of 100% equity stake of Reliance New Energy Battery Limited (RNEBL) from Reliance New Energy Limited (RNEL), for an aggregate consideration of Rs 1 lakh. RNEBL is a step-down wholly owned subsidiary of the company and post this acquisition RNEBL will become a direct wholly owned subsidiary of the company.

RNEBL was incorporated in India on January 1, 2025 with an objective of undertaking business of manufacturing of battery cells, packs and containers and provide energy storage systems and solutions to various end-users. RNEBL is yet to commence commercial operations. The said acquisition will enable the Company to engage in the development of energy storage manufacturing capabilities, including those utilising Advanced Chemistry Cells.

Further, the board also approved acquisition of 100% equity stake of Lakadia B Power Transmission Limited (LPTL) from REC Power Development and Consultancy Limited (RECPDCL), in accordance with the terms of the tender awarded to the company for establishment of Transmission System for Augmentation of transformation capacity at 765/400kV Lakadia Substation (the Project), for an aggregate consideration not exceeding Rs 8 crore. Post acquisition, LPTL will become a wholly owned subsidiary of the company.

LPTL was incorporated in India on October 29, 2024, with an objective of setting up of the Project and is yet to commence commercial operations. The said investment will enable the company to execute the Project at Lakadia Substation and participate in development of transmission infrastructure in India.

Reliance Industries is a Fortune 500 company and the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.