RIL says FY24 pre-tax profit hits Rs 1 lakh crore-mark in a first, net debt falls

Reliance Industries Ltd (RIL), which announcing its March quarter results on Monday, said its FY24 pre-tax profit hit the Rs 1 lakh crore-mark, the first for any corporate in India.  RIL's outstanding debt jumped, but net debt fell, its earnings release suggest.

RIL said its consolidated profit crossed Rs 1,00,000 crore level at Rs 1,04,727 crore, up 11.4 per cent YoY. Annual profit for JIO Platforms crossed the Rs 20,000 crore-mark while that for Reliance Retail surpassed the Rs 10,000 crore-market. 
 
Commenting on FY24 earnings, CMD Mukesh Ambani all RIL segments posted robust financial and operating performance. This has helped the Company achieve multiple milestones. "I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1,00,000-crore threshold in pre-tax profits," Ambani said.

For the financial year, RIL reported a profit after tax of Rs 79,020 crore, up 7.3 per cent YoY. For the year, RIL incurred capital expenditure of Rs 1,31,769 crore 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.

Reliance Industries said its annual consolidated profit was at record level of Rs 1,000,122 crore, up 2.6 per cent YoY. Annual Ebitda stood at Rs 1,78,677 crore, up 16.1 per cent YoY.

RIl said its net debt fell to Rs 1,16,281 crore at the end of March quarter against Rs 1,19,372 crore at the end of December quarter and Rs 1,25,766 crore at the end of March 2023 quarter. That said, outstanding debt rose to Rs 3,24,622 crore at Q4-end against Rs 3,11,743 at Q3-end and Rs 3,13,966 crore at Q3-FY23 end.