Reliance Industries Q2FY25 net profit rises 9.4 pc (QoQ) to Rs 16,563 crore
Oct 14, 2024
New Delhi [India] October 14 : Reliance Industries Limited (RIL) fiscal second quarter net profit rose to Rs 16,563 crore, up 9.4 percent from the preceding quarter.
Revenue from operations for RIL stood at Rs 2.35 lakh crore in the quarter ended September 30, compared to Rs 2.36 lakh crore in the previous quarter.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, "I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics."
Growth in Digital Services was led by increased ARPU (Average monthly revenue per user), Jio's monthly ARPU grew by 7.4 per cent (YoY) because of the recent hike in tariff charges. The company said that the full impact of the telecom tariff hike will be seen in the next 2 to 3 quarters.
Jio Platforms, which includes RIL's all digital services businesses, reported profit of Rs 6,536 crore in Q2FY25, according to the media release.
The release added that, Jio has strengthened its leadership in 5G with 148 million subscribers upgrading to the faster service. This segment contributes 34 percent of wireless data traffic for Reliance Jio.
RIL said on back of recently launched JioAirFiber offerings the home broadband segment is witnessing accelerated momentum.
Jio's broad spectrum is designed to digitally empower every village, town and city in India as well as the country's small and medium-scale enterprises. The digital services continue to focus on innovative deep-tech solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to every Indian.
Reliance Retail Ventures reported a profit after tax of Rs 2,935 crore for Q2 FY25, up almost 20 percent from the previous quarter. Revenue from operations rose to Rs 66,502 crore from Rs 66,260 crore in the preceding three months.
"The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels. The unique omni-channel retail model enables the business to service a wide range of requirements of a vast, heterogenous customer base," said Mukesh Ambani in the press release.
