Q1 2024 Reliance Industries Ltd Earnings Call Transcript
Good evening, and welcome to the First Quarter FY '24 Financial Results Presentation of Reliance Industries Limited. I'll now request Srikanth to walk you through our consolidated performance, followed by a deep dive on each of our business segments. Over to you, Srikanth.
Yes. Thanks, Srini. Starting off with financial performance, EBITDA at INR 42,000 crores, up 5.1% year-on-year. This growth really masks the growth that we have seen in Jio, which is 17% in retail of 34%, in upstream of 47%. And the fact that, of course, the -- our O2C was down 23%.
The -- as you know, the context being first quarter FY '23 was an exceptional quarter, given the dislocation coming on account of the Russian-Ukraine conflict, which has driven margins to historic highs. And as you know, good to see it was the highest ever earnings -- and from then on, as you know, the cracks have declined between 60% to 70% PVC in petrochemicals was down 35%. So the context being that it was an abnormally high quarter in that same time
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