October 15, 2024
New Delhi, India
Reliance Industries Q2 Results
Reliance Industries Ltd (RIL) reported a 5% decline in consolidated net profit for the second quarter of FY24, amounting to ₹16,563 crore compared to ₹17,394 crore in the same period last year. However, Reliance Jio Infocomm showcased strong growth, with a 23.4% increase in net profit, rising to ₹6,539 crore from ₹5,299 crore.
Key Financial Highlights:
- RIL’s Net Profit: Down 5% YoY to ₹16,563 crore.
- Reliance Jio Profit: Up 23.4% YoY to ₹6,539 crore.
- Revenue from Operations: RIL’s revenue stood at ₹2.35 lakh crore, down slightly from ₹2.36 lakh crore a quarter ago.
- Jio’s ARPU: Increased by 7.4% YoY to ₹195.1, with significant growth in 5G services.
Business Segments Performance:
- Telecom: Jio’s performance was a key driver, with higher ARPU and increased customer engagement contributing to record profits.
- Retail: Reliance Retail Ventures reported a 20% jump in profit after tax, reaching ₹2,935 crore, while revenue remained stable at ₹66,502 crore.
- Oil-to-Chemicals (O2C): Revenue from O2C rose by 5.1%, but weaker global demand impacted overall contribution.
Mukesh Ambani highlighted that robust growth in digital services and upstream businesses helped offset weaker O2C performance.
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