Reliance Infrastructure Limited, a major player in India's infrastructure space, has reported exceptionally strong financial results for the quarter and full year ended March 31, 2025. The company has shown a massive turnaround in profitability and balance sheet strength, indicating a positive shift in operational and financial performance.

Q4 FY25 Performance Surges Dramatically

In the fourth quarter of FY25, Reliance Infrastructure reported a consolidated EBITDA of ₹8,876 crore, adjusted for an exceptional income of ₹514 crore. This represents a 681% increase quarter-on-quarter (QoQ) compared to ₹1,136 crore in Q3 FY25.

The Profit After Tax (PAT) also turned positive with the company posting ₹4,387 crore in Q4 FY25 as against a loss of ₹3,298 crore in Q3 FY25, highlighting the strong rebound in earnings. This is one of the most notable turnarounds by a major infrastructure company in recent quarters.

Additionally, the company’s consolidated net worth increased by ₹4,388 crore to ₹14,287 crore as on March 31, 2025, compared to ₹9,899 crore on December 31, 2024 – a 44% QoQ jump, underlining improved shareholder value and financial health.

Full Year FY25 Highlights

For the full financial year FY25, Reliance Infrastructure clocked ₹23,592 crore in consolidated operating income, up from ₹22,067 crore in FY24, marking a 7% year-on-year (YoY) growth.

Consolidated EBITDA for FY25 stood at ₹12,288 crore, after adjusting for exceptional income of ₹1,100 crore. This is a massive 154% increase YoY compared to ₹4,842 crore in FY24.

The company posted a consolidated PAT of ₹4,938 crore in FY25, compared to a loss of ₹1,609 crore in FY24, marking a strong comeback to profitability.

Moreover, Reliance Infrastructure’s consolidated net worth increased by ₹5,859 crore YoY, reaching ₹14,287 crore in March 2025 from ₹8,428 crore in March 2024 — a significant 70% rise YoY.

Debt Reduction Milestone

One of the most remarkable achievements this year is the company achieving 'Zero' standalone net debt from banks and financial institutions (FIs) as of March 31, 2025. This marks a debt reduction of approximately ₹3,300 crore during FY25, underscoring strong financial discipline and cash flow management.

At the consolidated level, the net debt-to-equity ratio fell to 0.28x, down from 0.78x in FY24 — a significant improvement in leverage position, providing more room for growth and resilience.

Operational Excellence in Delhi Discoms

Reliance Infrastructure’s Delhi Discoms added over 44,549 new households in Q4 FY25, bringing the total connected households to approximately 52.26 lakh. These additions signify the company’s expanding reach and trusted service in the capital.

The Discoms also managed to reduce Transmission & Distribution (T&D) losses to below 7% on a rolling basis — a reflection of improved operational efficiency and robust infrastructure upgrades.

Importantly, the combined peak demand met by the Delhi Discoms in Q4 FY25 stood at 3,623 MW, confirming the company’s capacity and readiness to serve high-load urban zones.

Both BSES Delhi Discoms secured the top ‘A+’ rating by REC Ltd. in the Consumer Service Rating of Discoms (CSRD) for FY23-24, validating their excellence in customer service.

Mumbai Metro One Reaches New Milestones

In the transport segment, Mumbai Metro One achieved a weekday ridership milestone of 500,000 in Q4 FY25, reflecting growing preference among commuters for efficient public transit options.

The Metro maintained 99.99% train availability and punctuality, showing top-tier reliability in urban mobility.

To improve service frequency, especially on the high-demand Andheri - Ghatkopar route, the Metro Line-1 successfully conducted trial runs of short-loop operations during the quarter.

Summary of Key Financials and Operational Metrics

Conclusion

Reliance Infrastructure's Q4 and FY25 performance indicates a strong financial and operational turnaround. With significant EBITDA growth, net profit recovery, and full debt elimination at the standalone level, the company has laid a solid foundation for sustainable growth.

The focus on improving operational efficiencies, particularly in the Delhi Discoms and Mumbai Metro operations, reflects the management's intent to build long-term value. With a reduced debt profile and higher net worth, Reliance Infrastructure is well-positioned to tap into India’s expanding infrastructure sector.

For those tracking India’s infrastructure space, Reliance Infrastructure’s FY25 results offer a clear signal of its revival and future potential.

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