New Delhi, Oct 27: Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported 27.37% year-on-year rise in its consolidated net profit at Rs 17,394 crore for July-September quarter (Q2) of financial year 2023-24.
The oil-to-telecom conglomerate had posted Rs 13,656 crore profit in the corresponding quarter of the previous financial year 2022-23.
The company’s consolidated revenue from operations in the September quarter of FY24 stood at Rs 2,34,956 crore as compared to Rs 2,32,217 crore in the same quarter a year ago thus registering 1.17% year-on-year growth.
On the back of strong net subscriber addition, sustained performance in the O2C segment with strong domestic demand and better gas price realization, RIL’s EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 30.2% year-on-year to Rs 44,867 crore in Q2 of the current financial year.
The company in a media release said that the group’s capital expenditure for the quarter ended September 30, 2023 was Rs 38,815 crore ($4.7 billion) with continuing accelerated investments in pan-India 5G roll-out.
Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said that strong operational and financial contribution from all business segments helped the company deliver another quarter of robust growth.
“I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone. Based on our state-of-the-art standalone 5G network, JioAirFiber
significantly expands the reach and benefit of high-speed connectivity to millions of households across India. JioBharat phone will enable digital inclusion for millions of Indians and catalyse India’s transformation to next-gen connectivity solutions,” he said.
By December 2023, Reliance Jio is expected to complete pan-India rollout of 5G services.
Ambani said that Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering.
“We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance,” he said.
Resilient performance of the O2C (oil-to-chemical) segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market.
“Weak global demand and supply-overhang continued to impact downstream margins. The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up and providing valuable fuel for energy transition to the Indian economy,” RIL top boss said.
