Jio Platforms Ltd, RIL’s digital arm, posted an 11.6% rise in net profit to Rs 5,445 crore in the December quarter (Rs 4,881 crore last year) and revenue of Rs 32,510 crore (Rs 29,195 crore).
Supported by gains from its digital and retail businesses, Reliance Industries Ltd (RIL), the largest listed company by market capitalization, reported a 10.9% rise in consolidated net profit to Rs 19,641 crore in the quarter ending December 2023 compared to 2023. Rs 17,706 crore in the same period last year.
Net profit (attributable to company owners) rose 9.3% to Rs 17,265 crore in the third quarter (Q3FY24) from Rs 15,792 crore a year ago. Operating revenue grew 3.2% to Rs 2,48,160 crore in the third quarter, compared to Rs 2,40,532 crore last year.
Jio Platforms Ltd, RIL’s digital arm, posted an 11.6% rise in net profit to Rs 5,445 crore in the December quarter (Rs 4,881 crore last year) and revenue of Rs 32,510 crore (Rs 29,195 crore).
Reliance Retail Venture Ltd (RRVL), the retail arm of RIL, reported a net profit of Rs 3,165 crore in the last quarter compared with Rs 2,400 crore a year ago and revenue of Rs 83,063 crore (Rs 67,623 crore).
“Jio has achieved the world’s fastest True 5G service deployment in India. Every city and town in the country is now equipped with high-speed digital connectivity, which will usher in a new era of possibilities,” said Mukesh D Ambani, Chairman and Managing Director, RIL. unprecedented digital access and technology-driven growth.
He also praised the group’s retail segment for its financial performance. “Reliance Retail remains focused on enriching the customer shopping experience by adding new brands and offers to its portfolio. Its new business initiatives continue to support the growth journey of millions of small merchants through technology, creating immense social value,” Ambani said on RRVL.
He said the oil and gas industry recorded the highest quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) in history. “KG D6 currently contributes 30% of India’s gas production, accelerating the transition to a cleaner, greener future. The O2C (oil to chemical) segment showed solid performance thanks to operational flexibility and strong domestic demand. Reliance has become the first Indian company to chemically recycle pyrolysis oil into circular polymers,” he said.
Revenue from RIL’s petrochemicals business fell 2.4% to Rs 1,41,096 crore ($17.0 billion), mainly due to lower realized prices, led by a 5.3-month decline in average Brent crude oil prices. %. Crude oil prices fell on concerns about a global economic slowdown and seasonal demand decline. Crude oil supply remains sufficient despite OPEC countries cutting overall production.
RIL shares closed almost unchanged at Rs 2,735.05 on the BSE on Friday. It is up 36% from its 52-week low of Rs 2,012.14.
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