New Delhi, July 19 (UNI) India’s leading private conglomerate Reliance Industries on Friday reported 4 percent fall in net profit at Rs 17448 crore during April-June quarter of current financial year as compared to Rs 18182 crore in the same quarter of 2023-24.
The company said that fall in net profit is largely due to higher depreciation.
The company’s revenue from operations grew 11.5 percent at Rs 257,823 crore led by higher oil prices and volumes in O2C and Oil & Gas segments with steady growth in consumer business, RIL said in a release.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said “Consolidated EBITDA for the quarter improved from a year ago with strong contribution from Consumer and Upstream businesses offsetting weak O2C (Oil to Chemical) operating environment. Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses.
Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services.
According to RIL, the capital expenditure for the quarter ended June 30, 2024 was Rs 28785 crore, the company said in a regulatory filing with the stock exchanges adding that RIL’s consolidated Net Debt as of June 30, 2024 was marginally lower at Rs 112,341 crore as against Rs 116,281 crore as of March 31, 2024.
RIL said that its telecom wing JIO Infocomm net profit grew 11.7 percent y-o-y basis and the company continues to lead the industry and gain subscriber share with 8 million net additions in the June 2024 quarter to 489.7 million.
It said Jio Air Fiber drove the highest ever quarterly home connects for Jio with over 1.1 million net additions.
The digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum. Jio’s True 5G network, covering approximately 85% of India’s 5G capacity, continues to attract users, while the fixed broadband offerings are witnessing increasing consumer traction both in homes and enterprises.
The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks. This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment and commerce in India. Jio is committed to provide the best-quality state-of-the-art network at most affordable prices globally.
Akash Ambani, Chairman of Reliance Jio Infocomm said “Ubiquitous, high-quality, affordable internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaid plans would foster industry innovation towards 5G and AI and drive sustainable growth. Jio with its superior network and new service propositions would further build its market leadership with a customer first approach.”
Reliance Retail’s gross revenue for the June end quarter grew 8.1 per cent y-o-y basis to Rs 75,615 crore led by increase in footfalls and expansion of store footprint, streamlining of operations driving margin improvement, the company said.
Retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets. With fast-paced expansion of its retail footprint, Reliance Retail continues to cement its position as the preferred retailer for millions of Indians. The digital and new commerce segments are also scaling up rapidly.
Reliance Retail is focused not only on providing quality products to customers, but also on enhancing overall customer experience, both during and after sales.
Ms Isha Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail delivered resilient performance during the period and strengthened its position as India’s foremost retailer. The steady expansion and growth of our retail business not only signifies our commitment to customer centricity but also mirrors the resilience and vitality of the Indian growth narrative.
We continue to make strides in delivering better retail experiences for our customers as we embrace innovation to improve products, processes, and platforms along with integrating advanced technologies.”
