Reliance, the Mukesh Ambani owned India’s most valued public company, has reported its financial results for the third quarter of the fiscal year 2025. The company announced an annual increase (of 11.7%) in its consolidated profit after tax, reaching ₹21,930 crore for the three months ending December 2024, thus sailing over market expectations. Consolidated revenue also saw a 6.7% YoY rise, climbing to ₹2.43 lakh crore. The third-quarter performance was driven by strong contributions from Reliance’s three primary divisions—retail, telecom, and oil-to-chemicals (O2C).
Jio Platforms, the company’s telecom arm that oversees its Jio telecom business and other ancillary digital businesses as well, was a strong driver for these numbers. While it has already become one of the mainstays of Reliance Industries, the business unit exceeded market expectations in revenue and profitability, driven by the rapid adoption of 5G technology and growing demand for its AirFiber services. Jio reported a 26% YoY increase in net profit to ₹6,861 crore, while revenue rose 19.4% YoY to ₹33,074 crore. The company’s EBITDA grew 18.8% YoY to ₹16,585 crore, though the margin declined marginally to 50.1%.
Average Revenue Per User (ARPU) reached ₹203.3 in the December quarter, marking an annual growth of 12%. Jio also added 3.3 million net subscribers during the quarter as well, bringing its total user base to 482.1 million (an increase from 470.9 million in the corresponding quarter in the previous year). Its EBITDA grew by 18.8% during the quarter as well, amounting to ₹16,585 crore. In fact, 5G users accounted for 170 million of Jio’s total subscribers, making up 40% of wireless traffic on its network. The company’s fixed wireless access service, JioAirFiber, continued its expansion, with 2 million new connections added during the quarter, largely from smaller towns and cities.
“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. It gives me immense joy to see Jio grow and support the expanding technology capabilities of new India” said Mukesh Ambani, Chairman and Managing Director at Reliance.
At a group level, Reliance Industries’ Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by nearly 8% YoY to ₹48,003 crore ($ 5.6 billion), with margins improving slightly by 20 basis points to 18.3%. Net profit exceeded analyst expectations of ₹18,337 crore, while the O2C segment, which continues to be a cornerstone of RIL’s portfolio, delivered ₹1.49 lakh crore in revenue, marking a growth of 6% on an annual basis.
Reliance Retail delivered strong growth, with its revenue increasing 7% YoY to ₹79,595 crore. Reliance Retail expanded its footprint during the quarter as well, adding 779 new stores to bring the total to 19,102 across India, which now span 77.4 million square feet of operational space. Footfalls at Reliance Retail outlets also rose by 5% YoY to 296 million. The company’s registered customer base grew to 338 million as well. AJIO, the online fashion platform, expanded its product catalogue by 33% YoY, adding over half a million new products during the year. The O2C segment delivered a stable performance, with revenue rising 6% YoY to ₹1.49 lakh crore. EBITDA for the segment increased by 2.4% to ₹14,402 crore as well.
Reliance Jio, the telecom arm of the conglomerate, is
