Jio Platforms: Reliance’s digital service company gave so many crores to Mukesh Ambani
[ad_1]
Jio Platforms Result: Reliance Group’s digital service company Jio Platforms reported a 12.5 per cent year-on-year rise in net profit to Rs 5,098 crore in the April-June quarter on the back of increase in customer base and better average revenue. In the same quarter a year ago, the net profit of Jio Platforms was Rs 4,530 crore. Jio Platforms includes Reliance’s telecom arm Jio Infocomm, some startups and music and video streaming apps.
According to the quarterly results announced on Friday, its operating income rose 11.3 per cent to Rs 26,115 crore in the April-June period as against Rs 23,467 crore in the year-ago period. During the quarter, 9 million net customers were added and total data traffic increased by 28 percent to 33.2 billion gigabytes. Average revenue per customer (ARPU) also increased by 2.8 percent to Rs 180.5 in the June quarter. Reliance Jio Infocomm Chairman Akash Ambani said, Jio is making rapid progress in expanding its True5G network. Jio is on the way to set up 5G network across the country before December this year.
net profit of reliance industries
Reliance Industries Limited (RIL) reported a 11 per cent decline in its net profit at Rs 16,011 crore in the April-June quarter of the current financial year due to lackluster performance in the oil-petrochemical business. RIL gave this information to the stock market on Friday. The company had a net profit of Rs 17,955 crore in the same quarter a year ago. There has been a decrease in the net profit of the company even on a quarterly basis. The company’s net profit record in January-March 2023 was Rs 19,299 crore.
The operating income of Reliance Industries also declined to Rs 2.1 lakh crore in the April-June quarter of the current financial year. It was Rs 2.22 lakh crore in the same quarter of the last financial year, while it was Rs 2.16 crore in January-March 2023. The fall in crude oil prices by 31 percent has affected this income. The main reason for the decrease in the income of Reliance Industries is the fall in the price of crude oil and the decrease in the margin on fuel like diesel. The refining margin on diesel, petrol and aviation fuel (ATF) has decreased in the June quarter of this year as compared to last year.
However, the retail and telecom segments of RIL have performed well in the last quarter. Reliance Jio’s earnings grew on the back of strong average revenue per subscriber (ARPU) apart from addition of new telecom customers and adoption of 5G technology. Similarly, Reliance Retail has also performed well despite no festive demand. Finance cost increased by 46 per cent to Rs 5,837 crore in the last quarter due to higher interest rates and outstanding loans. Depreciation/ amortization expense increased by 31.7 per cent to Rs 11,775 crore on expanded asset base across all businesses and increased network utilization in digital services business. At the operational level, the company’s earnings before tax (EBITDA) increased by five percent to Rs 41,982 crore in the June quarter. The pre-tax income of RIL’s core business oil refining and petrochemicals (oil-chemical business) fell 23.2 per cent to Rs 15,271 crore.
Reliance has said that in addition to fears related to recession and high interest rates, the tendency to remove stocks due to slow growth in China affected the demand. Because of this, exports declined by 28 percent in the quarter. Digital services business Reliance Jio Infocomm’s net profit rose 12.5 per cent to Rs 5,098 crore in the first quarter. The subscriber base increased to 44.85 crore and the ARPU (average income per user) also increased to Rs 180.5 from Rs 178.8 in the March quarter. Apart from this, revenue also increased due to consumers turning to 5G services and IPL streaming.
At the same time, profit from retail business increased by 19 percent to Rs 2,448 crore. During this period, the number of stores of Reliance Retail increased from 18,040 to 18,446. The company said that its net debt is Rs 1.26 lakh crore. Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said, “Reliance’s strong operating and financial performance this quarter reflects the strength of our diversified portfolio of businesses serving demand across industrial and consumer sectors.
According to Mukesh Ambani, Jio’s rapid launch of ‘true 5G’ services is driving a rapid digital transformation in the country. The retail business posted strong growth with rapid store additions and steady increase in footfalls, while the oil and chemicals business posted a strong performance despite global headwinds. He said the process of demerger of financial services unit Jio Financial Services Limited (JFSL) is on track. He said, I am sure that JFSL is in a unique position to promote financial inclusion in India. (courtesy of input language)
[ad_2]
Source link
