January 19, 2024

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1,
Dalal Street, G Block Bandra-Kurla Complex,
Mumbai 400 001 Bandra (East) Mumbai 400 051

Scrip Code: 500325 Trading Symbol: RELIANCE

Dear Sirs,

Sub: Consolidated and Standalone Unaudited Financial Results for the quarter and nine
months ended December 31, 2023

In continuation of our letter dated January 12, 2024 and pursuant to Regulation 33 and other
applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, we attach the Unaudited Financial Results (Consolidated and Standalone) for the quarter
and nine months ended December 31, 2023, along with Independent Auditor's Review Report
thereon.

The said Financial Results were duly reviewed and recommended by the Audit Committee and
approved by the Board of Directors of the Company, at their respective meetings held today.

The meeting commenced at 5:00 p.m. Please note that the Financial Results were approved by
the Board at 6:00 p.m. and the Board Meeting is continuing for consideration of other agenda
items.

This is for your information and records.

Thanking you

Yours faithfully,

For Reliance Industries Limited

SAVITHRI Digitally signed by

SAVITHRI PAREKH

PAREKH Date: 2024.01.19

18:10:04 +05'30'

Savithri Parekh
Company Secretary and
Compliance Officer

Encl.: as above

Copy to:
Luxembourg Stock Exchange Singapore Exchange Limited
35A boulevard Joseph II 4 Shenton Way, #02- 01 SGX Centre 2,
L-1840 Luxembourg Singapore 068807

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India
Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail: investor.relations@ril.com, Website: www.ril.com
CIN- L17110MH1973PLC019786
 Deloitte Haskins & Sells LLP Chaturvedi & Shah LLP
Chartered Accountants Chartered Accountants
One International Center 912, Tulsiani Chambers
Tower 3, 27tl'-32nd Floor 212 Nariman Point
Senapati Bapat Marg Mumbai - 400021
Elphinstone Road (West) Maharashtra, India
Mumbai - 400013
Maharashtra, Tndia

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited
Consolidated Financial Results of Reliance Industries Limited pursuant to the Regulations
33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as
amended

Review Report
To The Board of Directors
Reliance Industries Limited

I. We have reviewed the accompanying statement of unaudited consolidated financial results

of Reliance Industries Limited ("the Parent"), which includes joint operations and its
subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its
share of the net profit/ loss after tax and total comprehensive income/loss of its associates
and joint ventures for the quarter and nine months ended 31 51 December, 2023 (''the
Statement"), being submitted by the Parent pursuant to the requirements of Regulations 33
and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended (the "Listing Regulations").

2. This Statement, which is the responsibility of the Parent's Management and approved by
the Parent's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standard 34 " Interim Financial
Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 as
amended, read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulations 33 and 52 of the Listing
Regulations. Our responsibility is to express a conclusion on the Statement based on our
review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of
India (ICAI). This standard requires that we plan and perform the review to obtain moderate
assurance as to whether the statement is free of material misstatement. A review of interim
financial information consists of making inquiries, primarily of Parent's personnel
responsible for financial and accounting matters and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance
with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013
and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
 We also perfonned procedures in accordanrn with the Circular No. CJR/CFD/CMD I/44/
2019 dated 29th March, 2019 issued by the Securities and Exchange Board oflndia under
Regulation 33(8) of the Listing Regulations, to the extent applicable.

4. The Statement includes the results of the following entities:

List of Suhsidiaries:
7-India Convenience Retail Limited; Aaidea Solutions Limited; Accops Systems Private
Limited; Actoserba Active Wholesale Limited; Addverb Technologies BV; Addvcrb
Technologies Limited; Addverb Technologies Plc Limited; Addverb Technologies Pty
Limited; Addverb Technologies USA Inc.; Adventure Marketing Private Limited;
AETNl8 Media Private Limited; Amante Exports (Private) Limilcd; Amante India
Limited; Amante Lanka (Private) Limited; Asteria Aerospace Limited; Bhadohi DEN
Entertainment Private Limited; Bismi Connect Private Limited; Rismi Hypemrnrt Private
Limited; Catwalk Worldwide Private Limited; Channels India Network Private Limited;
Chennai Cable Vision Network Private Limited; Colorful Media Private Limited;
Colosceum Media Private Limited; Columbus Centre Corporation (Cayman); Columbus
Centre Holding Company LLC; Cover Story Clothing Limited; Cover Story Clothii1g UK
Limited; Crystalline Silica And Mining Limited; C-Square Info-Solutions Limited; Dadha
Pharma Distribution Limited; DEN Ambcy Cable Networks Private Limited; Den
Broadband Limited; Den Budaun Cable Network Private Limited; Den Discovery Digital
Networks Private Limited; Den Enjoy Cable Networks Private Limited; Den Enjoy
Navaratan Network Private Limited; Den F K Cable TV Network Private Limited; Den
Fateh Marketing Private Limited; Den Kashi Cable Network Limited; Den Malayalam
Telenet Privalc Limited; Den Mod Max Cable Network Private Limited; Den Nashik City
Cable Network Private Limited; Den Networks Limited; Den Premium Multilink Cable
Network Private Limited; Den Rajkol City Communication Private Limited; Den Satellite
Cable TV Network Limited; Den Saya Channel Network Limited; Den Supreme Satellite
Vision Private Limited; Den-Manoranjan Satellite Private Limited; Digital Media
Distribution Trust; Digital 18 Media Limited; Drashti Cable Network Limited; Dronagiri
Bokadvira East Infra Limited; Dronagiri Bokadvira North Infra Limited; Dronagiri
Bokadvira South Infra Limited; Dronagiri Bokadvira West Infra Limited; Dronagiri Dongri
East Infra Limited; Dronagiri Dongri Nmih Infra Limited; Dronagiri Dongri South Infra
Limited; Dronagiri Dongri West Infra Limited; Dronagiri Funde East Infra Limited;
Dronagiri Funde North Infra Limited; Dronagiri Funde South Infra Limited; Dronagiri
Fundc West Tnfra Limited; Dronagiri N avghar East Infra Lim itcd; Dronagiri Navghar North
First Infra Limited; Dronagiri Navghar North Infra Limited; Dronagiri Navghar North
Second Infra Limited; Dronagiri Navghar South First Infra Limited; Dronagiri Navghar
South Infra Limited; Dronagiri Navghar South Second Infra Limited; Dronagiri Navghar
West Infra Limited; Dronagiri Pagote East Infra Limited; Dronagiri Pagote North First
Infra Limited; Dronagiri Pagote North Infra Limited; Dronagiri Pagote North Second Infra
Limited; Dronagiri Pagote South First Infra Limited; Dronagiri Pagote South Infra Limited;
Dronagiri Pagote West Infra Limited; Dronagiri ranje East Infra Limited; Dronagiri Panje
No11h Infra Limited; Dronagiri Panje South Infra Limited; Dronagiri Panje West Infra
Limited; e-Eighteen.com Limited; Elite Cable Network Private Limited; Eminent Cable
Network Private Limited; Enercent Technologies Private Limited; Etcmalia Media Private
Limited; Ethane Coral LLC; Ethane Diamond LLC; Ethane Jade LLC; Faradion Limited;
Faradion UG; Foodhall Franchises Limited; Future Lifestyles Franchisee Limited;
Futuristic Media and Entertainment Limited; Galaxy Den Media & Entertainment Private
Limited; Genesis Colors Limited; Genesis La Mode Private Limited; GLB Rody Care
Private Limited; GLF Lifestyle Brands Private Limited; GML India Fashion Private
Limited; Grab A Grub Services Limited; Greycells 18 Media Limited; Hamleys
 (Franchising) Limited; Hamleys Asia Limited; Hamleys of London Limited; Hamleys Toys
(Ireland) Limited; Hathway Bhawani Cablctel & Datacom Limited; Hathway Cable and
Datacom Limited; Hathway Digital Limited; Hathway Kokan Crystal Cable Network
Limited; Hathway Mantra Cable & Datacom Limited; Hathway Nashik Cable Network
Private Limited; Hathway Bhaskar CCN Multi Entertainment Private Limited; ICD
Columbus Centre Hotel LLC; Independent Media Trust; TndiaCast Media Distribution
Private Limited; IndiaCast UK Limited; IndiaCast US Limited; lndiavidual Learning
Limited; lndiawin Sports Middle East Limited; India Mumbai Indians (Pty) Ltd; Indiawin
Sports Private Limited; lndiawin Sports USA Inc; Infomedia Press Limited; Intelligent
Supply Chain Infrastructure Management Private Limited$; Jntimi India Limited; TPCO
Holdings LLP; IW Columbus Centre LLC; Jaisuryas Retail Ventures Limited; Jio Cable
and Broadband Holdings Private Limited; Jio Content Distribution Holdings Private
Limited; Jio Digital Distribution Holdings Private Limited; Jio Estonia OU; Jio Futuristic
Digital Holdings Private Limited; Jio Haptik Technologies Limited; Jio Internet
Distribution Holdings Private Limited; Jio Limited; Jio Media Limited; Jio Platforms
Limited; Jio Satellite Communications Limited;; Jio Television Distribution Holdings
Private Limited; Jio Things Limited; Just Dial Limited; Kalamboli East Infra Limited;
Kalamboli North First Infra Limited; Kalamboli North Infra Limited; Kalamboli North
Second Infra Limited; Kalamboli NortJ1 Third Infra Limited; Kalamboli South First Infra
Limited; Kalamboli South Infra Limited; Kalamboli West Infra Limited; Kalanikethan
Fashions Limited; Kalanikethan Silks Limited; Kishna Den Cable Networks Private
Limited; Kutch New Energy Projects Limited; Libra Cable Network Limited; Lithium
Werks China Manufacturing Co., Ltd.; Lithium Werks Technology B. V.; Lotus Chocolate
Company Limited; M Entertainments Private Limited; Mahadev Den Cable Network
Limited; Mahavir Den Entertainment Private Limited; Mansion Cable Network Private
Limited; Mayuri Kumkum Limited; Medial8 Distribution Services Limited; Meerut Cable
Network Private Limited; Mesindus Ventures Limited; Metro Cash and Carry India Private
Limited; Mimosa Networks Inc; Mimosa Networks Bilisim Teknolojileri Limited Sirketi;
Mindex 1 Limited; Model Economic Township Limited; Moneycontrol Dot Com India
Limited; MYJD Private Limited; Netmeds Healthcare Limited ; Network! 8 Media &
Investments Limited; Network I 8 Media Trust; New York Hotel LLC; NextGen Fast
Fashion Limited; New Emerging World of Journalism Limited; Nilgiris Stores Limited;
Now Floats Technologies Limited; Purple Panda Fashions Limited; Radiant Satellite (India)
Private Limited; Radisys B.V.; Radisys Canada Inc.; Radisys Cayman Limited; Radisys
Convedia (Ireland) Limited; Radisys Corporation; Radisys GmbH; Radisys India Limited;
Radisys International LLC; Radisys International Singapore Pte. Ltd.; Radisys Spain
S.L.U.; Radisys Systems Equipment Trading (Shanghai) Co. Ltd.; Radisys Technologies
(Shenzhen) Co. Ltd.; Radisys UK Limited; RB Holdings Private Limited; RB Media
Holdings Private Limited; RB Mcdiasoft Private Limited; RBML Solutions India Limited;
REC Americas LLC; REC ScanModule Sweden AB; REC Solar (Japan) Co., Ltd.; REC
Solar EMEA GmbH; REC Solar France SAS; REC Solar Holdings AS; REC Solar Norway
AS; REC Solar Pte. Ltd.; REC Systems (Thailand) Co., Ltd.; REC Trading (Shanghai) Co.,
Ltd.; REC US Holdings, Inc.; Rccron (Malaysia) Sdn. Bhd.; Reliance 4IR Realty
Development Limited; Reliance A&T Fashions Private Limited; Reliance Abu Sandeep
Private Limited; Reliance AK-OK Fashions Limited; Reliance Ambit Trade Private
Limited; Reliance Beauty & Personal Care Limited; Reliance Bhutan Limited; Reliance
Bio Energy Limited; Reliance BP Mobility Limited; Reliance Brands Holding UK Limited;
Reliance Brands Limited; Reliance Brands Luxury Fashion Private Limited; Reliance
Carbon Fibre Cylinder Limited; Reliance Chemicals and Materials Limited; Reliance
Clothing India Limited; Reliance Commercial Dealers Limited; Reliance Comtrade Private
Limited; Reliance Consumer Products Limited; Reliance Content Distribution Limited;
Reliance CorJo ·ate 1T Park Limited; Reliance Digital Health Limited; Reliance Digital
q{ \\ / ~-=, KINs
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/: c.' iia~d TT\
Account~nrs ;:
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 Health USA Tnc.; Reliance Terra Tech Holding LLC; Reliance Eagleford Upstream Holding
LP; Reliance Eagleford Upstream LLC; Reliance Electrolyser Manufacturing Limited;
Reliance Eminent Trading & Commercial Private Limited; Reliance Ethane Holding Pte
Limited; Reliance Ethane Pipeline Limited; Reliance Exploration & Production DMCC;
Reliance Finance and Investments USA LLC; Reliance GAS Lifestyle India Private
LimiLcd; Reliance Gas Pipelines Limited; Reliance Global Energy Services (Singapore)
Pte. Limited; Reliance Global Energy Services Limited; Reliance Global Project Services
Ptc Limited; Reliance Global Project Services UK Limited; Reliance Green Hydrogen And
Green Chemicals Limited; Reliance Hydrogen Electrolysis Limited; Reliance Hydrogen
Fuel Cell Limited; Reliance Industries (Middle East) DMCC; Reliance Innovative Building
Solutions Private Limited; Reliance lnternalional Limited; Reliance Jio Global Resources,
LLC; Reliance Jio lnfocomm Limited; Reliance Jio Infocomm Pte. Ltd.; Reliance Jio
lnfocomm UK Limited; Reliance Jio Tnfocomm USA, Inc.; Reliance .Tio Media Limited;
Reliance Lifestyle ProducLs Private Limited; Reliance Lithium Werks B. V.; Reliance
Lithium Werks USA LLC; Reliance Logistics and Warehouse Holdings Limited; Reliance
Luxe Beauty Limited (fonnerly known as Arvind Beauty Brands Retail Limited); Reliance
Mappedu Multi Modal Logistics Park Limited; Reliance Marcellus LLC; Reliance
NeuComm LLC; Reliance New Energy Carbon Fibre Cylinder Limited; Reliance New
Energy Hydrogen Electrolysis Limited; Reliance New Energy Hydrogen Fuel Cell Limited;
Reliance New Energy Battery Storage Limited; Reliance New Energy Limited; Reliance
New Energy Power Electronics Limited; Reliance New Energy Storage Limited; Reliance
New Power Electronics Limited; Reliance New Solar Energy Limited; Reliance Petro
Marketing Limited; Reliance Petro Materials Limited; Reliance Polyester Limited;
Reliance Power Electronics Limited; Reliance Progressive Traders Private Limited;
Reliance Projects & Property Management Services Limited; Reliance Prolific
Commercial Private Limited; Reliance Prolific Traders Private Limited; Reliance Rahul
Mishra Fashion Private Limited; Reliance Retail and Fashion Lifestyle Limited; Reliance
Retail Limited; Reliance Retail Ventures Limited; Reliance Ritu Kumar Private Limited;
Reliance Sibur Elastomers Private Limited; ; Reliance SOU Limited; Reliance Strategic
Business Ventures Limited; Reliance Syngas Limited; Reliance UbiTek LLC; Reliance
Universal Traders Private Limited; Reliance Vantage Retail Limited; Reliance Ventures
Limited; Reliance-GrandOptical Private Limited; Reverie Language Technologies
Limited; RTL USA, lnc.; RISE Worldwide Limited; Ritu Kumar M.E. (FZE); Reliance
Brands Eyewear Private Limited (frnm erly known as Rod Retai I Private Limited); Roptonal
Limited; Rose Entertainment Private Limited; RP Chemicals (Malaysia) Sdn. Bhd.; RRB
Mediasoft Private Limited; Saavn LLC Holdings ; ; Saavn Media Limited; SankhyaSutra
Labs Limited; Sensehawk Inc; Sensehawk India Private Limited; Sensehawk MEA
Limited; Shopsense Retail Technologies Limited; Shri Kannan Departmental Store
Limited; skyTran Inc.; Soubhagya Confectionery Private Limited; Srishti Den Networks
Limited; Stoke Park Limited; Strand Life Sciences Private Limited; Surajya Services
Limited; Surela Investment And Trading Limited; Tesseract Imaging Limited; The lndian
Film Combine Private Limited; Thodupu7,ha Retail Private Limited; Tira Beauty Limited;
Tresara Health Limited; TVl 8 Broadcast Limited; Ulwe East Infra Limited; Ulwe North
Infra Limited; Ulwe South Infra Limited; Ulwe Waterfront East Infra Limited; Ulwe
Waterfront North Infra Limiled; Ulwe Waterfront South Infra Limited; Ulwe Waterfront
West Infra Limited; Ulwe West Infra Limited; Urban Ladder Home Decor Solutions
Limited; V - Retail Private Limited; VasyERP Solutions Private Limited; VBS Digital
Distribution Network Limited; Vcngara Retail Private Limited; Viacom 18 Media (UK)
Limited; Viacom 18 Media Private Limited; Viacom 18 US Inc.; Vitalic Health Lim ited;
Watermark Jnfratech Private Limited; Web] 8 Digital Services Limited.
 $ Ceased to be a subsidiary during the period.

List of Joint Ventures:

Alok Industries International Limited; Alok Industries Limited; Alok Infrastructure
Limited; Alok International (Middle East) FZE; Alok International Inc.; Alok Singapore
PTE Limited; Alok Worldwide Limited; BAM DLR Data Center Services Private Limited;
BAM DLR Chennai Private Limited; BAM DLR Kolkata Private Limited; BAM DLR
Mumbai Private Limited; BAM DLR Network Services Private Limited; Brooks Brothers
India Private Limited; Burberry India Private Limited; BVM Overseas Limited; CAA-
Global Brands Reliance Private Limited; Canali India Private Limited; Clarks Reliance
Footwear Private Limited; D. E. Shaw India Securities Private Limited; Diesel Fashion
India Reliance Private Limited; Ethane Crystal LLC; Ethane Emerald LLC; Ethane Opal
LLC; Ethane Pearl LLC; Ethane Sapphire LLC; Ethane Topaz LLC; Football Sports
Development Limited; Grabal Alok International Limited;; Hathway Bhawani NOS
Network Limited; Hathway Cable MCN Nanded Private Limited; Hathway Channel 5
Cable and Datacom Private Limited; Hathway Dattatray Cable Network Private Limited;
Hathway ICE Television Private Limited; Hathway Latur MCN Cable & Datacom Private
Limited; Hathway MCN Private Limited; Hathway Prime Cable & Datacom Private
Limited; Hathway Sai Star Cable & Datacom Private Limited; Hathway Sonali OM Crystal
Cable Private Limited; Hathway SS Cable & Datacom LLP; lBN Lokmat News Private
Limited; lconix Lifestyle India Private Limited; India Gas Solutions Private Limited;
Indospace MET Logistics Park Farukhnagar Private Limited; Jio Space Technology
Limited; Marks and Spencer Reliance India Private Limited; Mileta a.s.; Pipeline
Management Services Private Limited; Reliance Bally India Private Limited; Reliance Paul
& Shark Fashions Private Limited; Reliance Sideways Private Limited; Reliance-
GrandVision India Supply Private Limited#; Reliance-Vision Express Private Limited;
Ryohin-Keikaku Reliance India Private Limited; Sanmina-SCI India Private Limited;
Sanmina-SCI Technology India Private Limited; Sintex Industries Limited; Sodium-ion
Batteries Pty Limited; Sosyo Hajoori Beverages Private Limited; TCO Reliance India
Private Limited; Ubona Technologies Private Limited; Zegna South Asia Private Limited.

# Merged with Reliance-Vision Express Private Limited

List of Associates:
Big Tree Entertainment DMCC; Big Tree Entertainment Lanka Private Limited; Big Tree
Entertainment Private Limited; Big Tree Ente1tainment Singapore PTE. Limited; Big Tree
Sport & Recreational Events Tickets Selling L.L.C; BookmyShow Live Private Limited;
Bookmyshow SDN. BHD.; BookmyShow Venues Management Private Limited; Clayfin
Technologies Private Limited; DEN ABC Cable Network Ambamath Private Limited;
DEN ADN Network Private Limited; DEN New Broad Communication Private Limited;
Den Satellite Network Private Limited; DL GTPL Broadband Private Limited; DL GTPL
Cabnet Private Limited; Dunzo Digital Private Limited; Dunzo Merchant Services Private
Limited; Dunzo Wholesale Private Limited; Dyulok Technologies Private Limited; Eenadu
Television Private Limited; Circle E Retail Private Limited; Esterlina Solar - Proyecto
Cinco, S .L.; Esterlina Solar - Proyccto Cuatro, S. L .; Esterlina Solar - Proyecto Dos, S.L.;
Esterlina Solar - Proyecto Nueve, S.L.; Eslerlina Solar - Proyecto Ocho, S.L.; Esterlina
Solar - Proyecto Seis, S.L.; Estcrl ina Solar - Proyecto Siete, S.L.; Esterlina Solar -
Proyecto Trcs, S.L.; Esterlina Solar- Proyccto Uno, S.L.; Esterlina Solar Engineers Private
Limited; Fantain Sports Private Limited; Foodfesta Wellcare Private Limited; Future!0l
Design Private Limited; Gaurav Overseas Private Limited; GCO Solar Pty. Ltd.; GenNext
Ventures Investment Advisers LLP; GTPL Abhilash Communication Private Limited;
GTPL Bansidhar Tele link Private Limited; GTPL Bariya Television Network; G TPL Bawa

1J;-1
 Cable; GTPL Broadband Private Limited; GTPL Crazy Network; GTPL Dahod Television
Network Private Limited; GTPL DCPL Private Limited; GTPL Hathway Limited; GTPL
Insight Channel Network Private Limited; GTPL Jay Santoshima Network Private Limited;
GTPL Jaydeep Cable; GTPL Junagadh Network Private Limited; GTPL Jyoti Cable; GTPL
Kaizen Jnfonet Private Limited; GTPL KCBPL Broad Band Private Limited; GTPL
Khambhat Cable Network; GTPL Khusboo Video Channel; GTPL Kolkata Cable & Broad
Band Pariseva Limited; GTPL Leo Vision; GTPL Link Network Private Limited; GTPL
Lucky Video Cable; GTPL Ma Bhagawati Entertainment Services; GTPL Narmada Cable
Services; GTPL Narmada Cyberzonc Private Limited; GTPL Parshwa Cable Network
Private Limited; GTPL Parth World Vision; GTPL Rajwadi Network Private Limited;
GTPL Sai World Channel; GTPL Shiv Cable Network;. GTPL Shreenathji
Communication; GTPL SK Network Private Limited; GTPL SK Vision; GTPL SMC
Network Private Limited; GTPL Solanki Cable Network Private Limited; GTPL Sorath
Telelink Private Limited; GTPL Swastik Communication; GTPL Tridev Cable Network;
GTPL V & S Cable Private Limited; GTPL Vision Services Private Limited; GTPL Vraj
Cable; GTPL VVC Network Private Limited; GTPL World View Cable; GTPL World
Vision; GTPL Zigma Vision Private Limited; Gujarat Chemical Port Limited; Hathway
VCN Cablenet Private Limited; Indian Vaccines Corporation Limited; Ixora Holdings
Limited; Konark IP Dossiers Private T,imited; Metro Cast Network India Private Limited;
MM Styles Private Limited; Neolync India Private Limited; Neolync Solutions Private
Limited; Nexwafe Gmbh; NWJ 8 HSN Holdings PLC; Omnia Toys India Private Limited;
Pan Cable Services Private Limited; Peppo Technologies Private Limited; Popclub Vision
Tech Private Limited; PT Big Tree Entertainment Indonesia; Reliance Europe Limited;
Reliance Industrial Infrastructure Limited; Ritu Kumar Fashion (LLC); SpaceBound Web
Labs Private Limited; Sterling and Wilson (Thailand) Limited; Sterling and Wilson
Engineering (Pty) Ltd.; Sterling and Wilson International LLP; Sterling and Wilson
International Solar FZCO; Sterling and Wilson Kazakhstan, LLP; Sterling and Wilson
Middle East Solar Energy LLC; Sterling and Wilson Renewable Energy Limited; Sterling
and Wilson Renewable Energy Spain S.L.; Sterling And Wilson Renewable Energy Nigeria
Limited; Sterling and Wilson Saudi Arabia Limited; Sterling and Wilson Singapore Pte
Ltd; Sterling and Wilson Solar Australia Pty. Ltd.; Sterling and Wilson Solar LLC; Sterling
and Wilson Solar Solutions Inc.; Sterling and Wilson Solar Solutions, LLC; Sterling and
Wilson Solar Spain, S.L.; Sterling Wilson-SPCPL-Chint Moroccan Venture; Townscript
PTE. Ltd, Singapore; Townscript USA, Inc.; TribeVibe Entertainment Private Limited;
Two Platforms Inc.; Vadodara Enviro Channel Limited.

5. Based on our review conducted and procedures performed as stated in paragraph 3 above
and based on the consideration of the review reports of the other auditors referred to in
paragraph 6 below, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the recognition and measurement
principles laid down in the aforesaid Indian Accounting Standard ("Ind AS") specified
under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued
thereunder and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in terms of the Listing Regulations, including the
manner in which it is ln be disclosed, or that it contains any material misstatement

6. The accompanying Statement includes the unaudited interim standalone/consolidated

financial results/ financial information, in respect of-

a. 144 subsidiaries, whose unaudited interim standalone/consolidated financial

results/financial info1TT1ation reflect total revenues of Rs. 149,554 crore and Rs.
435,784 crore for the quarter and nine months ended 31-'1 December, 2023,
 respectively, total net profit after tax of Rs. 6,212 crore and Rs. 22,008 crore for the
quarter and nine months ended 3 Lst December, 2023 respectively, and total
comprehensive income of Rs. 6,147 crore and Rs. 22,027 crore for the quarter and
nine months ended 31 st December, 2023 respectively, as considered in the
Statement which have been reviewed by one of us either individually or jointly with
other auditors.

b. 10 associates and 17 joint ventures, whose unaudited interim standalone/

consolidated financial results/ financial information reflect Group's share of profit
after tax of Rs. 35 crore and Rs. 26 crore for the quarter and nine months ended 3 Lst
December, 2023 respectively, and total comprehensive income of Rs. 27 crore and
Rs. 12 crore for the quarter and nine months ended 3 L·" December, 2023
respectively, as considered in the Statement which have been reviewed by one of
us either individually or jointly with other auditors.

c. 55 subsidiaries, which have not been reviewed by us, whose unaudited interim
standalone/consolidated financial results/financial information reflect total
revenues of Rs. 102,733 crore and Rs. 292,056 crore for the quarter and nine
months ended 31'1 December, 2023 respectively, total net profit after tax of Rs.
2,564 crore and Rs. 7,112 crore for the quarter and nine months ended 3 Lst
December, 2023 respectively, and total comprehensive income of Rs. 2,9 LO crore
and Rs. 8,148 crore for the quarter and nine months ended 31·'1 December, 2023
respectively, as considered in the Statement which have been reviewed by other
auditors.

d. 70 associates and 8 joint ventures, which have not been reviewed by us, whose
unaudited interim standalone/consolidated financial results/financial information
reflect Group's share of profit after tax of Rs. 90 crore and Rs. 171 crore for the
quarter and nine months ended 31 ' 1 December, 2023 respectively, and total
comprehensive income of Rs. 87 crore and Rs. 183 crore for the quarter and nine
months 31 st December, 2023 respectively, as considered in the Statement which
have been reviewed by other auditors.

The reports on the unaudited interim standalone/consolidated financial results/financial

information of these entities have been furnished to us by the Management and our
conclusion on the Statement, in so far as it relates to the amounts and disclosures included
in respect of these subsidiaries, associate& and joint ventures, is based solely on the reports
of such auditors and the procedures perfom1cd by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

7. The accompanying Statement includes the unaudited interim standalone/consolidated

financial results/ financial information, in respect of -

a. I 46 subsidiaries, whose unaudited interim standalone/consolidated financial

results/financial information reflect total revenues of Rs. 1,267 crore and Rs. 4,916
crorc for the quarter and nine months ended 31'1 December, 2023 respectively, total
loss after tax of Rs. 458 crore and Rs. 905 crore for the quarter and nine months
ended 31 ' t December, 2023 respectively, and total comprehensive loss of Rs. 447
crore and Rs. 924 crore for tl1e qua1tcr and nine months ended 31 st December, 2023
respectively, as considered in the Statement.

~JV
 b. 44 associates and 35 joint ventures, whose unaudited interim standalone/
consolidated financial results/financial infonnation reflect Group's share of profit
after tax of Rs. 44 crore and Rs. 85 crore for the quarter and nine months ended 31 st
Decemhcr, 2023 respectively, and total comprehensive income of Rs. 44 crore and
Rs. 85 crore for the quarter and nine months ended 31 '' December, 2023
respectively, as considered in the Statement.

These unaudited interim standalone/consolidated financial results/financial information

have not been reviewed by their auditors and have been approved and furnished to us by
the Management and our conclusion on the Statement, in so far as it relates to the amounts
and disclosures included in respect of these subsidiaries, associates and joint ventures, is
based solely on such unaudited inte1im standalone/consolidated financial results/financial
information. According to the information and explanations given to us by the
Management, these unaudited interim standalone/consolidated financial results/ financial
information are not material to the Group.

Our conclusion on the Statement is not modified in respect of our reliance on the unaudited
interim standalone/consolidated financial results/financial information certified by the
Management.

For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP
Chartered Accountants Chartered Accountants
Firm's Registration No. l 17366W/W-J00018 Firm's Registration No.

Abhijit A. Dam le Sandesh Ladha

Partner Partner
Membership No. I 02912 Membership No. 04784 !
UDIN: 24102912BKEPEB7077 UDIN: 24047841BKCAGJ8019

Place: Mumbai Place: Mumbai

Date: J 9tl, January, 2024 Date: 191h January, 2024

~y
Name of the Company: Reliance Industries Limited
Registered Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS ENDED 31 5T DECEMBER, 2023
(i in crore, excect cer share data and ratios
Year Ended
Quarter Ended Nine Months Ended
Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Income
Value of Sales & Services (Revenue) 248,160 255,996 240,532 735,288 735,907 974,864
Less: GST Recovered 20,190 21,040 20,367 61,531 60,861 83,553
Revenue from Operations 227,970 234,956 220,165 673,757 675,046 891,311
Other Income 3,869 3,841 3,146 11,523 8,859 11,734
Total Income 231,839 238,797 223,311 685,280 683,905 903,045
Expenses
Cost of Materials Consumed 98,949 101,619 98,730 296,377 346,210 450,241
Purchases of Stock-in-Trade 57,898 50,786 47,599 147,056 130,728 168,505
Changes in Inventories of Finished Goods, Work-in-
(9,345) 304 (748) (11,554) (25,557) (30,263)
Proqress and Stock-in-Trade
Excise Dutv 2,884 3,070 3,428 9,226 10,045 13,476
Employee Benefits Expense 6,313 5,947 6,261 18,861 18,408 24,872
Finance Costs 5,789 5,731 5,201 17,357 13,752 19,571
Depreciation / Amortisation and Depletion Expense 12,903 12,585 10,183 37,263 28,851 40,303
Other Expenses 30,615 32,262 29,886 94,074 91.406 122,318
Total Excenses 206,006 212,304 200,540 608,660 613,B43 809,023
Profit Before Share of Profit I (Loss} of Associates and
25,833 26,493 22,771 76,620 70,062 94,022
Joint Ventures and Tax
Share of Profit/ (Loss) of Associates and Joint Ventures 153 58 131 287 3 24
Profit Before Tax from Continuing Operations 25,986 26,551 22,902 76,907 70,065 94,046
Tax Expenses
Current Tax 3,079 3,499 2,655 9,970 9,167 8,398
Deferred Tax 3,266 3,174 2,541 9,160 8.455 11,978
Profit from Continuing Operations 19,641 19,878 17,706 57,777 52,443 73,670
Profit from Discontinued Operations (Net of Tax) . - 100 - 318 418
Profit for the Period 19,641 19,B7B 17,806 57,777 52,761 74,088
Other Comprehensive Income
ContinuinA Operations
I Items that will not be reclassified to Profit or Loss 288 192 (149) 1,091 207 (39)
Income tax relating to items that will not be 19 (121) {26) (13)
II (25) (17)
reclassified to Profit or Loss
Ill Items that will be reclassified to Profit or Loss 212 (1,765) (1,876) (462) (10,453) (9,503)
Income tax relating to items that will be 459 319 158 1,915 1,829
IV {25)
reclassified to Profit or Loss
Total Other Comprehensive Income I (Loss) from (8,357)
450 (1,131) (1,687) 666 (7,726)
Continuing Operations (Net of Tax)
Discontinued Operations
Items that will not be reclassified to Profit or Loss
I (Net of Tax)
- - 6,195 - (3,195) (11,101)
Items that will be reclassified to Profit or Loss (Net
II
ofTax)
- - (27) - (39) 15
Total Other Comprehensive Income/ (Loss) from . - 6,168 - (3,234) (11,086)
Discontinued Operations (Net of Tax)
Total Other Comprehensive Income/ (Loss) (Net of 4,481 666 (11,591) (1 B,812)
450 (1,131)
Tax)
Total Comprehensive Income for the Period 20,091 18,747 22,287 58,443 41,170 55,276

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers JV Telefax (+91 22) 2278 5 185
3rd Floor. 222. Nariman Point 9th Floor. Nariman Point lntemd w" \\ ril.c{)m: invcstor.rclaLions{@ril.t.:om
Mumbai 400 021. India Mumbai 400 021. India CIN Ll 7110MH\973PLC0\9786

Page I of 16
 (~ in crore, except per share data and ratios
Year Ended
Quarter Ended Nine Months Ended
Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Net Profit attributable to:
a) I Owners of the Company 17,265 17,394 15,792 50,670 47,403 66,702
b) I Non-Controlling Interest 2,376 2.484 2,014 7,107 5,358 7,386
Other Comprehensive Income attributable to:
a) I Owners of the Company 465 (1,143) 4,479 663 (11,556) {18,783)
b) I Non-Controlling Interest (15) 12 2 3 (35) (29)
Total Comprehensive Income attributable to:
a) I Owners of the Company 17,730 16,251 20,271 51,333 35,847 47,919
b) I Non-Controlling Interest 2,361 2,496 2,016 7,110 5,323 7,357
Earnings per equity share (Face Value off 10/-) (Not
Annualised for the quarter/nine months ended)
Continuing Operations
(a.1) I Basic (in ~) 25.52 25.71 23.19 74.90 69.60 97.97
(b.1) I Diluted (in r) 25.52 25.71 23.19 74.90 69.60 97.97
Discontinued Operations
(a.1) I Basic (in '{) - - 0.15 - 0.47 0.62
(b.1) I Diluted (in ~) - - 0.15 - 0.47 0.62
Continuing and Discontinued Operations
(a.1) I Basic (in t) 25.52 25.71 23.34 74.90 70.07 98.59
(b.1) I Diluted (in ~) 25.52 25.71 23.34 74.90 70.07 98.59
Paid up Equity Share Capital (Equity Shares of face value
6,766 6,766 6,766 6,766 6,766 6,766
of~ 10/- each)
Other Equity excluding Revaluation Reserve 709,106
Capital Redemption Reserve/Debenture Redemption
2,358 2,358 2,269 2,358 2,269 2,358
Reserve
Net Worth (includin!.l Retained Earnings) 724,838 704,032 686,440 724,838 686,440 668,880
Ratios
a) Debt Service Coveraqe Ratio 2.97 1.66 2.49 1.95 2.67 2.35
b) Interest Service Coverage Ratio 5.49 5.63 5.40 5.43 6.09 5.81
c) Debt Equity Ratio 0.40 0.39 0.38 0.40 0.38 0.44
d) Current Ratio 1.21 1.16 0.95 1.21 0.95 1.07
e) Long term debt to working capital 2.41 2.89 5.96 2.41 5.96 2.97
f) Bad debts to Account receivable ratio - - - - - -
q) Current liability ratio 0.46 0.47 0.50 0.46 0.50 0.51
h) Total debts to total assets 0.18 0.18 0.18 0.18 0.18 0.20
i) Debtors turnover$ 28.06 32.25 36.71 31.49 39.08 37.43
j) Inventory turnover$ 5.50 5.99 6.13 5.47 7,28 6.98
k) Operating margin (%) 11.2 11.1 10.4 11.3 10.2 10.5
I) Net profit margin(%)' 7.9 7,8 7,4 7.9 7.2 7.6
s Ratios for the quarter/nine months have been annualised
• Includes Profit from discontinued operations

- -
Registered Office: Corporate Communications Telephone (1 9 I 22) 2278 5000
Maker Chambers IV Maker Chambers IV Telefa.-..: (+91 22) 2278 5185
3rd Floor, 222. Narirnan Point 9th Floor. Nariman Point Internet \\ 1111 .ril.corn; invcstor.rdatio11s@ril.co111
Mumbai 400 021. India Mumbai 400 021. India CTN L 1711 0MH 1973PLC0 19786

Page 2 of 16
Notes

1. The figures for the corresponding previous period have been regrouped/ reclassified wherever
necessary, to make them comparable.

2. Total Non-Convertible Debentures of the Group outstanding (before netting off prepaid finance
charges and Fair Valuation Impact) as on December 31, 2023 are~ 38,326 crore out of which,
Secured Non-Convertible Debentures are< 22,000 crore.

The Secured Non-Convertible Debentures of the Group aggregating ~ 22,000 crore as on

December 31, 2023 are secured by way of first charge on the Group's certain movable
properties. The security cover in respect of the Secured Non-Convertible Debentures of the
Group as on December 31, 2023 is more than 1.25 times of the principal and interest amount
of the said Secured Non-Convertible Debentures.

During the period April 2023 to December 2023, the Group redeemed Listed Secured Non-
Convertible Debentures amounting to < 1,566 crore (PPD Series 12), Listed Secured Non-
Convertible Debentures amounting to~ 1,531 crore (PPD Series 13), , Listed Unsecured Non-
Convertible Debentures amounting to ~ 3,405 crore (PPD Series K1), Listed Unsecured Non-
Convertible Debentures amounting to < 4,500 crore (PPD Series K2), Listed Unsecured Non-
Convertible Debentures amounting to< 2,340 crore (PPD Series M1), Listed Unsecured Non-
Convertible Debentures amounting to < 550 crore (PPD Series M2), Listed Unsecured Non-
Convertible Debentures amounting to~ 3,600 crore (PPD Series N) and Listed Secured Non-
Convertible Debentures amounting to< 1,000 crore (PPD Series 8).

Further, during the quarter, the Group issued Listed Secured Non-Convertible Debentures
amounting to< 20,000 crore (PPD Series P) in two tranches on private placement basis.

Registered Office: Corporate Communications Telephone • (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax : {+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet 11·1n1·.ril.co111; investor.relationsc@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN : Ll7110MIIl973PLC019786

Page 3 of 16
 3. Formulae for computation of ratios are as follows -
Sr. Ratios Formulae

a) Debt Service Coverage Earnings before Interest and Tax

Ratio Interest Expense+ Principal Repayments made during the
period for long term loans

b) Interest Service Earnings before Interest and Tax

Coverage Ratio Interest Expense

c) Debt Equity Ratio Total Debt

Total Equity

d) Current Ratio Current Assets

Current Liabilities

e) Long term debt to Non-Current Borrowings (Including Current Maturities of Non-

working capital Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current
Maturities of Non-Current Borrowings)

f) Bad debts to Account Bad Debts

receivable ratio Average Trade Receivables

g) Current liability ratio Total Current Liabilities

Total Liabilities

h) Total debts to total Total Debt

assets Total Assets

i) Debtors turnover Value of Sales & Services

Average Trade Receivables

j) Inventory turnover Cost of Goods Sold (Cost of Material Consumed+ Purchases +

Changes in Inventory+ Manufacturing Expenses)

Average Inventories of Finished Goods, Stock-in-Process and

Stock-in-Trade

k) Operating margin (%) Earnings before Interest and Tax

less Other Income

Value of Sales & Services

I) Net profit margin (%) Profit After Tax

Value of Sales & Services

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Tdefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet w1111 .rl I.com; in vestor.relations@1ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN LI 71 !0MHl973PLC0! 9786

Page 4 of 16
4. The Audit Committee has reviewed, and the Board of Directors has approved the above results

and its release at their respective meetings held on January 19, 2024. The Statutory Auditors

of the Company have carried out Limited Review of the aforesaid results.

-
Registered Office: Corporate Communications Telephone (+91 22) 227& 5000
Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet ww\\ .ril.~·om; investor.rel::it ions@r i I.com
Mumbai 400 021, India Mumbai 400 021, India CIN L17110MH1973PLC019786

Page 5 of 16
 UNAUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER/ NINE MONTHS ENDED 31ST DECEMBER, 20·23

/~ in crore
Quarter Ended Year Ended
Nine Months Ended
Sr. Particulars (Audited)
No
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Segment Value of Sales and Services
1 (Revenue)
- Oil to Chemicals (O2C) 141,096 147,988 144,630 422,115 466,016 594,650
- Oil and Gas 6,719 6,620 4,474 17,971 11,952 16,508
- Retail 83,040 77,163 67,629 230,165 191,119 260,394
- Digital Services 33,463 32,657 30,344 98,197 88,416 119,791
- others 12,476 19,114 19,371 49,417 55,415 88.455
Gross Value of Sales and Services 276,794 283,542 266,448 817,865 812,918 1,079,798
Less: Inter Segment Transfers 28,634 27,546 25,916 82,577 77,011 104,934
Value of Sales & Services 248,160 255,996 240,532 735,288 735,907 974,864
Less: GST Recovered 20,190 21,040 20,367 61,531 60.861 83,553
Revenue from Operations 227,970 234,956 220,165 673,757 675,046 891,311

2 Segment Results (EBITDA)

- Oil to Chemicals (O2C)* 14,064 16,281 13,926 45,616 45,782 62,075
- Oil and Gas 5,804 4,766 3,880 14,585 9,788 13,589
- Retail* 6,271 5,831 4,786 17,253 13,049 17,974
- Digital Services 14,261 14,071 12,900 42,053 36,898 50,286
- Others 1,971 2,200 1,067 6,438 3,748 5,611
Total Segment Profit before Interest, Tax and 42,371 43,149 36,559 125,945 109,265 149,535
Depreciation, Amortisation and Depletion

3 Segment Results (EBIT)

- Oil to Chemicals (02C)* 11,993 14,088 11,891 39,262 39,689 53,883
- Oil and Gas 4,116 3,443 3,207 10,750 7,806 10,933
- Retail* 4,884 4,428 3,726 13,126 10,261 13,994
- Digital Services 8,361 8,227 7,543 24,523 21,928 29,681
- Others 184 441 103 1,224 953 1,045
Total Segment Profit before Interest and Tax 29,538 30,627 26,470 88,885 80,637 109,536
(i) Finance Cost (5,789) {5,731) (5,201) (17,357) (13,752) (19,571)
{ii) Interest Income 2,358 2,370 2,631 7,029 7,864 10,597
(iii) Other Un-allocable Income (Net of
Expenditure) {121) (715) (998) (1,650) (4,684) (6,516)
Profit Before Tax from Continuing operations 25,986 26,551 22,902 76,907 70,065 94,046
(i) Current Tax (3,079) (3,499) (2,655) (9,970) (9,167) (8,398)
(ii) Deferred Tax (3,266) (3,174) (2,541) (9,160) (8,455) (11,978)
Profit from Continuing operations 19 641 19,878 17,706 57,777 52,443 73,670
Profit from Discontinued operations (Net of
Tax)
. - 100 . 318 418
Profit for the Period 19,641 19,878 17,806 57,777 52 761 74,088

• Segment results (EBITDA and EBIT) include Interest Income/Other Income pertaining to the respective segments.

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers JV Telefax (+91 22) 2278 5185
3rd Floor, 222. Nariman Point 9th Floor, Nariman Point Internet 11 w11 ril.rom: invc!>tOr.relations@lriI.com
Mumhai 400 021. India Mumbai 400 021. India CIN l,17110MH\973PLCOl9786

Page 6 of 16
 (~ in crore)
Sr. Year Ended
Quarter Ended Nine Months Ended
No Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
4 Segment Assets
- Oil to Chemicals (O2C) 407,945 405,010 373,455 407,945 373,455 385,504
- Oil and Gas 37,799 37,988 37,268 37,799 37,268 37,812
- Retail 186,619 185,986 153,188 186,619 153,188 168,314
- Digital Services 551,410 547,127 487,255 551,410 487,255 506,238
- Financial Services - - 104,066 - 104,066 -
- Others 249,597 236,699 212,940 249,597 212,940 217,133
- Unallocated 288,229 269,405 296,795 288,229 296)95 292,430
Total Segment Assets 1,721,599 1,682,215 1,664,967 1,721,599 1,664,967 1,607,431
5 Segment Liabilities
- Oil to Chemicals (O2C) 106,831 103,775 49.753 106,831 49,753 55,757
- Oil and Gas 5,939 6,827 5,856 5,939 5,856 6,042
- Retail 68,710 73,530 63,125 68,710 63,125 68,221
- Digital Services 243,894 247,563 210,821 243,894 210,821 221,920
- Financial Services - - 33 - 33 .
- others 30,482 32,975 33,671 30,482 33,671 43,364
- Unallocated 1,265,743 1,217,545 1,301,708 1,265,743 1,301,708 1,212,127
Total Segment Liabilities 1,721,599 1,682,215 1,664,967 1,721,599 1,664,967 1,607,431

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers JV Telefax (+91 22) 2278 5185
3rd Floor. 222, Nariman Point 9th Floor, Nariman Point Internet ww,, .ril.com; investor.relations(@riI.com
Mumbai 400 021. India Mumbai 400 021. India CJN L 1711OMl-11973PLCO 19786

Page 7 of 16
Notes to Segment Information (Consolidated) for the Quarter and Nine Months Ended
31 st December 2023

As per Indian Accounting Standard 108 'Operating Segments', the Company has reported 'Segment
Information', as described below:

a) The Oil to Chemicals business includes Refining, Petrochemicals, fuel retailing through
Reliance BP Mobility Limited, aviation fuel and bulk wholesale marketing. It includes
breadth of portfolio spanning transportation fuels, polymers, polyesters and elastomers.
The deep and unique integration of O2C business includes world-class assets comprising
Refinery Off-Gas Cracker, Aromatics, Gasification, multi-feed and gas crackers along
with downstream manufacturing facilities, logistics and supply-chain infrastructure.

b) The Oil and Gas segment includes exploration, development, production of crude oil and
natural gas.

c) The Retail segment includes consumer retail and range of related services.

d) The Digital Services segment includes provision of a range of digital services.

e) Other business segments which are not separately reportable have been grouped under

the Others segment.

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th floor, Nariman Point Internet ",, ,, .ril.com: in vestor.relations/Wril.com
Mumbai 400 021, India Mumbai 400 021, India C!N LI 71 I OMH 1973PLC019786

Page 8 of 16
 Deloitte Haskins & Sells LLP Chaturvedi & Shah LLP
Chartered Accountants Chartered Accountants
One International Center 912, Tulsiani Chambers
Tower 3, 27th-32nd Floor 212 Nariman Point
Senapati Bapat Marg Mumbai-400021
Elphinstone Road (West) Maharashtra, India
Mumbai - 400013
Maharashtra, India

Independent Auditor's Review Report on the Quarterly and Year to date Unaudited
Standalone Financial Results of Reliance Industries Limited ("the Company") pursuant to
the Regulations 33 and 52 of the SEBJ (Listing Obligation and Disclosure Requirements)
Regulation 2015, as amended

Review report
To the Board of Directors
Reliance Industries Limited

I. We have reviewed the accompanying statement of unaudited standalone financial results

of Reliance Industries Limited ("the Company"), which includes joint operations, for the
quarter and nine months ended 31 st December, 2023 ("the Statement"), being submitted by
the Company pursuant to the requirements of Regulations 33 and 52 of the SEBI {Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing
Regulations").

2. This Statement, which is the responsibility of the Company's Management and approved
by the Company's Board of Directors, has been prepared in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standard 34, "Interim
Financial Rep011ing" ("Ind AS 34") prescribed under section 133 of the Companies Act,
2013 as amended, read with relevant ru Jes issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulations 33 and 52 of the
Lisling Reglllations. Our responsibility is to express a conclusion on the Statement based
on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 'Review of Interim Financial Tnfonnation Perfom1ed by the
Independent Auditor of the Entity' issued by the Institute of Chartered Accountants oflndia
(TCAI). This standard requires that we plan and perfonn the review to obtain moderate
assurance as to whether the Statement is free from material misstatement. A review of
interim financial information consists of making inquiries, primarily of the Company's
personnel responsible for financial and accounting matters and applying analytical and
other review procedures. A review is substantially less in scope than an audit conducted in
accordance with Standards on Auditing specified under section 143(10) of'thc Companies
Act, 2013 and consequently does not enable us to obtain assurance that we would becomt:
aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Deloitte Haskins & Sells LLP Chaturvedi & Shah LLP

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our
attention that causes us to believe that lhc accompanying Statement, prepared in accordance
with the recognition and measurement principles laid down in the aforesaid Indian
Accounting Standard ("Ind AS") specified under section 133 of the Companies Act, 2013
as amended, read with relevant rules issued thereunder and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in
terms of Regulations 33 and 52 of the Listing Regulations, including the manner in which
it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP
Chartered Accountants Chartered Accountants
Firm's Registration No. 117366W/W-J 00018 Firm's Registration No. 10

Abhijit A. Dam le Sandesh Ladha

Partner Partner
Membership No.102912 Membership No. 047841
UDIN: 24102912BKEPEA3327 UDJN: 24047841BKCAG13854

Place: Mumbai Place: Mumbai

Date: 19th January, 2024 Date: 19~' January, 2024

l
(I~ 1. MUM
'
/,-:-::,
"l'i ..' -
.-1,t-/J A
•:::;..
 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS ENDED 31sr DECEMBER, 2023
{' in crore, except per share data and ratios)
Year Ended
Quarter Ended Nine Months Ended
Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Income
Value of Sales & Services (Revenue) 136,083 147,345 134,799 415,650 437,565 578,088
Less: GST Recovered 5,504 6,895 5,522 18,722 17,847 25,265
Revenue from Operations 130,579 140,450 129,277 396,928 419,718 552,823
Other Income 2,969 2,934 2,579 8,631 8,444 11,149
Total Income 133,548 143,384 131,856 405,559 428,162 563,972
Expenses
Cost of Materials Consumed 94,021 99,429 90,147 280,159 309,877 3,99,644
Purchases of Stock-in-Trade 3,789 3,695 2,382 10,106 7,166 9,974
Changes in Inventories of Finished Goods, Work-in-
(3,280) (2,183) 2,456 (5,884) {5,566) (5,862)
Progress and Stock-in-Trade
Excise Duty 2,884 3,070 3,428 9,226 10,045 13,476
Employee Benefits Expense 1,862 1,884 1,430 5,861 4,248 6,265
Finance Costs 2,982 3,239 3,349 9,817 8,881 12,6_33
Depreciation I Amortisation and Depletion Expense 4,567 4,384 2,529 12,834 7,388 11167
Other Expenses 13,745 15,364 14,535 43,218 46,311 62,557
Total Expenses 120,570 128,882 120,256 365,337 388,350 509,854
Profit Before Tax from Continuing Operations 12,978 14,502 11,600 40,222 39,812 54,118
Tax Expenses
Current Tax 2,487 2,575 2,036 7,710 6,988 6,186
Deferred Tax 567 719 1,301 1,753 3,583 4,930
Profit From Continuing Operations 9,924 11,208 8,263 30,759 29,241 43,002
Profit From Discontinued Operations (Net ofTaxl - - 110 - 1,143 1,188
Profit for the Period 9,924 11,208 8,373 30,759 30,384 44,190
Other Comprehensive Income
Continuing Operations
I Items that will not be reclassified to Profit or Loss (40) (26) (31) (23} (30) 9
Income tax relating to items that will not be
II 11 6 6 6 5 (3)
reclassified to Profit or Loss
Ill Items that will be reclassified to Profit or Loss 229 (1,813) (1,992) (545) (10,579) (9,949)
Income tax relating to items that will be
IV (41) 456 331 154 1,878 1,803
reclassified to Profit or Loss
Total Other Comprehensive Income/ (Loss) from
159 (1,377) (1,686) (408) (8,726) (8,140)
Continuing Operations (Net of Tax)
Discontinued Operations
I
Items that will be reclassified to Profit or Loss (Net
ofTax) - . (27) - (39) 15
Total Other Comprehensive Income/ (Loss) from
Discontinued Operations (Net ofTax)
. . (27) - (39) 15
Total other Comprehensive Income/ (Loss) (Net of
159 (1,377) (1,713) (408) (8,765) (8,125)
Tax)
Total Comprehensive Income for the Period 10,083 9,831 6,660 30,351 21,619 36,065
Earnings per equity share (Face Value of if 10/-) (Not
Annualised for the quarter/nine months ended}
Continuing Operations
(a.1) Basic (in~) 14.67 16,56 12.22 45.46 43,22 63-56
{b.1) Diluted (in ~) 14.67 16.56 12.22 45.46 43.22 63.56
Discontinued Operations
{a.1) Basic (in~) - 0,16 - 1-69 U6
(b, 1) Diluted (in ~) - - 0.16 - 1-69 1.76
Continuing and Discontinued Operations
(a-1) Basic (int) 14.67 16.56 12.38 45.46 44,91 65.32
(b, 1) Diluted (in ~) 14,67 16-56 12-38 45.46 44.91 65.32

- -
Registered Office; Corporate Communications Telephone ( ~91 22) 2278 5000
Maker Chambers IV Maker Chamber~ IV Telefax (+91 22) 2278 5 I 85
3rd r:Joor. 222. Nariman Point 9th Floor. Nariman Point Internet ww,\ .ril.rn111; investor.relntions@ril.com
Mumbai 400 021_ India Mumbai 400 021. lndia CIN LJ 711 0MHl 973f'LCOl9786

Page 9 of 16
 (~ in crore, except per share data and ratios
Year Ended
Quarter Ended Nine Months Ended
Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Paid up Equity Share Capital (Equity Shares of face value
6.766 6,766 6.766 6,766 6,766 6,766
of~ 10/- each)
Other Equity excluding Revaluation Reserve 472,312
Capital Redemption Reserve/Debenture Redemption
1,683 1,683 1,683 1,683 1,683 1,683
Reserve
Net Worth (including Retained Earnings) 457,070 447,143 442,071 457,070 442,071 432,382
Ratios
a) Debt Service Coverage Ratio 3.17 1.67 1.60 1.57 1.87 2.03
bl Interest Service Coverage Ratio 5.35 5.48 4.46 5.10 5.48 5.28
c) Debt Equity Ratio 0.42 0.38 0.44 0.42 0.44 0.45
d) Current Ratio 1.27 1.20 0.93 1.27 0.93 1.13
el Lon(! term debt to workiriq capital 2.36 2.81 6.62 2.36 6.62 2.30
n Bad debts to Account receivable ratio - - - - - -
g) Current liability ratio 0.51 0.54 0.59 0.51 0.59 0.61
h) Total debts to total assets 0.22 0.20 0.24 0.22 0.24 0.23
il Debtors turnover 3 21.31 21.26 30.79 25.63 34.96 30.00
il Inventory turnovers 6.38 7.18 8.92 6.58 10.68 10.49
kl Operating mar(Jin (%) 9.5 10.0 9.2 10.0 9.2 9.6
I) Net Profit maroin (%)* 7.3 7.6 6.2 7.4 6.9 7.6
s Ratios for the quarter/nine months have been annualised.
* Includes Profit from discontinued operations.

Registered Office: Corporate Communications Telephone (+9 I 22) 2278 5000

Maker Chambers IV Maker Chambers JV Telefax (+91 22) 2278 5185
3rd Floor. 222, Nariman Point 9th Floor, Nariman Point Internet ww 1, .ril.cc>m; investor.relations'.q>ril.corn
Mumbai 400 02 1, India Mumbai 400 021. India CJN L171 IOMH1973PLC019786

Page JO of 16
Notes

1. The figures for the corresponding previous period have been regrouped/ reclassified wherever
necessary, to make them comparable.

2. Total Non-Convertible Debentures of the Company outstanding (before netting off prepaid
finance charges and Fair Valuation Impact) as on December 31, 2023 are< 33,326 crore out of
which, Secured Non-Convertible Debentures are < 22,000 crore.

The Secured Non-Convertible Debentures of the Company aggregating <22,000 crore as on

December 31, 2023 are secured by way of first charge on the Company's certain movable
properties. The security cover in respect of the Secured Non-Convertible Debentures of the
Company as on December 31, 2023 is more than 1.25 times of the principal and interest amount
of the said Secured Non-Convertible Debentures.

During the period April 2023 to December 2023, the Company redeemed Listed Secured Non-
Convertible Debentures amounting to t 1,566 crore (PPD Series 12), Listed Secured Non-
Convertible Debentures amounting to < 1,531 crore (PP D Series 13), Listed Unsecured Non-
Convertible Debentures amounting to< 3,405 crore (PPD Series K1), Listed Unsecured Non-
Convertible Debentures amounting to t 4,500 crore (PPD Series K2), Listed Unsecured Non-
Convertible Debentures amounting to< 2,340 crore (PPD Series M1), Listed Unsecured Non-
Convertible Debentures amounting to < 550 crore (PPD Series M2), Listed Unsecured Non-
convertible Debentures amounting to< 3,600 crore (PPD Series N) and Listed Secured Non-
Convertible Debentures amounting to< 1,000 crore (PPD Series 8).

Further, during the quarter, the Company issued Listed Secured Non-Convertible Debentures
amounting to~ 20,000 crore (PPD Series P) in two tranches on private placement basis.

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet 111111 .ril.corn; inves1or.re jalions1@ri l.com
Mumbai 400 021, India Mumbai 400 021, India CIN L17110MH1973PLC0l9786

Page 11 of I 6
3. Formulae for computation of ratios are as follows -

Sr. Ratios Formulae

a) Debt Service Coverage Earnings before Interest and Tax

Ratio Interest Expense+ Principal Repayments made during the
period for long term loans

b) Interest Service Earnings before Interest and Tax

Coverage Ratio Interest Expense

c) Debt Equity Ratio Total Debt

Total Equity

d) Current Ratio Current Assets

Current Liabilities

e) Long term debt to Non-Current Borrowings (Including Current Maturities of Non-

working capital Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current
Maturities of Non-Current Borrowings)

f) Bad debts to Account Bad Debts

receivable ratio Average Trade Receivables

g) Current liability ratio Total Current Liabilities

Total Liabilities

h) Total debts to total Total Debt

assets Total Assets

i) Debtors turnover Value of Sales & Services

Average Trade Receivables

j) Inventory turnover Cost of Goods Sold (Cost of Material Consumed+ Purchases +

Changes in Inventory+ Manufacturing Expenses)

Average Inventories of Finished Goods, Stock-in-Process and

Stock-in-Trade

k) Operating margin (%) Earnings before Interest and Tax

less Other Income

Value of Sales & Services

I) Net profit margin (%) Profit After Tax

Value of Sales & Services

-
Registered Office: Corporate Communication~ Telephone (+91 22) 2278 5000
Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222. Nariman Point 9th Floer, Nariman Point Internet www rd.com; invcstor.relotionsl@r il.co111
Mumbai 400 021, India Mumbai 400 021, India CIN ll71 JOMl!l973PLCOI9786

!'age 12 of 16
4. The Audit Committee has reviewed, and the Board of Directors has approved the above results

and its release at their respective meetings held on January 19, 2024. The Statutory Auditors

of the Company have carried out Limited Review of the aforesaid results.

Regi5tered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet ww,,1.ril.com; inves1or.rclations!G1ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN LI 7l l0MH1973PLC0J9786

Page 13 of 16
 UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER/ NINE MONTHS ENDED 31 51 DECEMBER, 2023
(~ in crore)
Sr. Year Ended
Quarter Ended Nine Months Ended
No. Particulars (Audited)
31 Dec'23 30 Sep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
Segment Value of Sales and Services
1
(Revenue)
- Oil to Chemicals (O2C) 124,431 129,812 129,349 374,051 423,117 544,929
- Oil and Gas 6,708 6,606 4,464 17,934 11,921 16,463
- Retail 20 19 22 58 66 85
- Digital Services 325 587 470 1,681 1,167 1,992
- Others 4,722 10,429 620 22,386 1,575 15,192
Gross Value of Sales and Services 136,206 147,453 134,925 416,110 437,846 578,661
Less: Inter Segment Transfers 123 108 126 460 281 573
Value of Sales & Services 136,083 147,345 134,799 415,650 437,565 578,088
Less: GST Recovered 5,504 6,895 5,522 18,722 17,847 25,265
Revenue from Operations 130,579 140,450 129,277 396,928 419,718 552,823
2 Segment Results (EBITDA)
- Oil to Chemicals (O2C)* 11,069 14,013 12,109 38,235 41,681 56,499
- Oil and Gas 5,778 4,774 3,799 14,597 9,671 13,507
- Retail 13 11 13 36 35 45
- Digital Services 184 370 301 1,081 706 1,273
- Others 1,575 1,247 71 3,986 102 1,331
Total Segment Profit before Interest, 18,619 20,415 16,293 57,935 52,195 72,655
Tax and Depreciation, Amortisation
and Depletion

3 Segment Results (EBIT)

- Oil to Chemicals (02C)* 9,616 12,435 10,646 33,710 37,299 50,595
- Oil and Gas 4,100 3,464 3,139 10,797 7.727 10,902
- Retail 10 7 9 26 24 31
- Digital Services 37 96 11 301 62 234
- Others 335 69 29 396 (154) (67)
Total Segment Profit before Interest 14,098 16,071 13,834 45,230 44,958 61,695
and Tax
(i) Finance Cost (2,982) (3,239) (3,349) {9,817) (8,881) (12,633}
(ii) Interest Income 2,305 2,237 2,490 6,703 8,318 10,847
(iii) Other Un-allocable Income (Net of (443) (567) (1,375) (1,894) (4,583) (5,791)
Expenditure)
Profit Before Tax from Continuing 12,978 14,502 11,600 40,222 39,812 54,118
operations
(i) Current Tax {2,487} (2,575) (2,036) (7,710} (6,988) (6,186}
(ii) Deferred Tax (567) (719) (1,301) (1,753) (3,583) (4,930}
Profit From Continuing Operations 9,924 11,208 8,263 30,759 29,241 43,002
Profit From Discontinued Operations
(NetofTax) - - 110 - 1,143 1,188
Profit for the Period 9,924 11,208 8,373 30,759 30,384 44,190

* Segment results (EBITDA and EBIT) include Interest Income/Other Income pertaining to the respective segments.

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers JV Maker Chambers IV Telefax (+91 22) 2278 5 I 85
3rd 1-'loor, 222, Nariman Point 9th Floor, Nariman Point Internet \1·11\\ .ril.i:0111; investor.rclaLions@ril.com
Mumbai 400 021, India Mumbai 400 021, India CIN L 171 I0MI! l 973PLC019786

Page 14 of 16
 (~ in crore
Sr. Particulars Year Ended
Quarter Ended Nine Months Ended
No. (Audited)
31 Dec'23 30 $ep'23 31 Dec'22 31 Dec'23 31 Dec'22 31 Mar'23
4 Segment Assets
- Oil to Chemicals (O2C) 329,403 341,621 314,176 329,403 314,176 322,489
- Oil and Gas 41,114 41,320 40,299 41,114 40,299 40,924
- Retail 18,046 18,059 18,052 18,046 18,052 18,040
- Digital Services 66,786 67,565 66,161 66,786 66,161 66,892
- Financial Services - - 20,346 - 20,346 -
- Others 164,127 153,497 127,501 164,127 127,501 144,900
- Unallocated 324,938 305,416 324,903 324,938 324,903 329,415
Total Segment Assets 944,414 927,478 911,438 944,414 911,438 922,660

5 Segment Liabilities
- Oil to Chemicals (O2C) 73,649 73,741 43,599 73,649 43,599 36,005
- Oil and Gas 5,388 6,283 5,266 5,388 5,266 5,448
- Retail 10 11 10 10 10 10
- Digital Services 1,231 1,831 736 1,231 736 1,013
- Others 17,011 19,856 22,398 17,011 22,398 33,472
- Unallocated 847,125 825,756 839,429 847,125 839,429 846,712
Total Segment Liabilities 944,414 927,478 911.438 944,414 911,438 922,660

Registered Office: Corporate Communications Telephone (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor. 222. Nariman Point 9th Floor. Nariman Point Internet \\ W\\ .ril.com; invcstor.rclations/wril.com

Mumbai 400 021. India Mumbai 400 021. India ClN L1711 0MH \ 973PLC0I 9786

Page 15 of 16
Notes to Segment Information (Standalone) for the Quarter and Nine Months Ended
31 st December, 2023

As per Indian Accounting Standard 108 'Operating Segments', the Company has reported 'Segment
Information', as described below:

a) The Oil to Chemicals business includes Refining, petrochemicals, aviation fuel and bulk
wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers,
polyesters and elastomers. The deep and unique integration of O2C business includes world-
class assets comprising Refinery Off-Gas Cracker, Aromatics, multi-feed and gas crackers
along with downstream manufacturing facilities, logistics and supply-chain infrastructure.

b) The Oil and Gas segment includes exploration, development, production of crude oil and
natural gas.

c) The Retail segment includes consumer retail & its range of related services and investment
in retail business.

d) The Digital Services segment includes provision of a range of digital services and investment
in digital business.

e) All other business segments have been grouped under the Others segment.

f) Other investments/ assets/ liabilities, long term resources raised by the Company, business
trade financing liabilities managed by the centralised treasury function and related income/
expense are considered under Unallocated.

For Reliance Industries Limited

Mu~
Chairman & Managing Director

January 19, 2024

Registered Office: Corporate Communications Telephone : (+91 22) 2278 5000

Maker Chambers IV Maker Chambers IV Telefax (+91 22) 2278 5185
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet 111111 .rfl.c,m1; in vesl or.rclaLions/alr i I.com
Mumbai 400 021, India Mumbai 400 021, India CIN : LI 71 IOMHI 973PLCOl 9786

Page 16 of 16