New Delhi: In the fiscal second quarter, the net profit of Reliance Industries Limited (RIL) surged to Rs 16,563 crore, marking a 9.4 percent increase compared to the previous quarter.
Operating revenue for RIL during this period amounted to Rs 2.35 lakh crore, an increase of 9.4 percent from the preceding quarter.
In an analysis of the results, Mukesh D. Ambani, the Chairman and Managing Director of Reliance Industries, expressed satisfaction with the company's performance, noting the resilience of its diversified business portfolio. He highlighted the robust growth in Digital Services and Upstream business segments, which partially mitigated the impact of a downturn in the Online-to-Offline (O2C) business, attributed to unfavorable global demand-supply dynamics.
The growth in Digital Services was particularly notable, driven by an increase in Average Monthly Revenue Per User (ARPU). Jio's Monthly ARPU saw a 7.4 percent YoY increase, attributed to recent tariff adjustments. The company anticipates that the full effects of these tariff changes will be realized over the next two to three quarters.
Jio Platforms, encompassing RIL's digital services businesses, reported a profit of Rs 6,536 crore for the second quarter of the fiscal year.
Furthermore, the media release stated that Jio has solidified its position as a leader in 5G, with 148 million subscribers upgrading to the faster service. This segment now accounts for 34 percent of Reliance Jio's wireless data traffic.
The company also noted the acceleration of momentum in its home broadband segment, attributed to the recent launch of JioAirFiber offerings.
Jio's comprehensive spectrum is designed to digitally empower every village, town, and city in India, as well as support the needs of small and medium-scale enterprises. The focus on innovative deep-tech solutions on a national scale positions Jio to deliver groundbreaking benefits of Artificial Intelligence to the Indian population.
Reliance Retail Ventures reported a profit after tax of Rs 2,935 crore for the second quarter of the fiscal year, marking an increase of almost 20 percent from the previous quarter. Revenue from operations saw a rise to Rs 66,502 crore from the preceding three months.
Ambani concluded the press release by emphasizing the retail segment's continued expansion of consumer touchpoints and product offerings across both physical and digital channels. The company's unique omni-channel retail model enables it to cater to the diverse needs of a broad, heterogeneous customer base.
