RIL Q1 Result: Report card of Mukesh Ambani’s children has arrived, know who won and who is left behind – mukesh ambani’s reliance industries has declared q1 result know how each business has fared
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Akash Ambani-Telecom
Reliance’s telecom company Jio’s standalone net profit increased by 12 percent to Rs 4,863 crore in the June quarter. At the same time, revenue from operations also increased by 10 percent to Rs 24,042 crore. But it is not as per the expectations. This is Reliance Jio’s slowest profit and revenue growth in six quarters. The company’s profit and revenue have been affected due to high expenditure and no recent tariff hike. Reliance Jio’s total expenses increased to Rs 17,594 crore in the first quarter. It was Rs 16,136 crore a year ago. In this, network operating expenses increased to Rs 7,379 crore from Rs 6,842 crore earlier. Jio is the largest telecom company in the country in terms of subscribers. Its market share is 37.9 percent. Reliance added 30.4 lakh subscribers to the company in April.
Reliance Retail- Isha Ambani
The profit of Reliance Retail Business jumped 18.8 percent to 2,448 percent as compared to last year. During this period, the gross revenue of the company also increased by 19 percent to Rs 69,948 crore as compared to Rs 58,554 crore in the same quarter last year. Reliance Retail opened 555 new stores during the quarter, maintaining its high growth momentum. In this way, Reliance Retail now has a total of 18,446 stores and has added another 5 million square feet to its operated area of 70.6 million square feet. Reliance Retail registered a footfall of 24.9 million, breaking its old record for a quarter. Digital commerce and new commerce businesses grew and added 18% to revenue.
O2C-Anant Ambani
The first quarter of FY 2023-24 saw a sharp decline in O2C revenue due to a 31% drop in crude oil prices. Due to this, Reliance’s consolidated revenue was recorded at ₹ 2,31,132 crore, which is 4.7% less than the previous year. The company’s revenue has declined due to poor performance of O2C business. Reliance’s O2C segment reported a 7.7% decline in revenue for the quarter to ₹133,031 crore. This was due to falling crude oil prices and lower earnings from downstream products. FY2023-24 O2C segment EBITDA for the quarter stood at ₹15,271 crore, down 23.2%. This was due to lower transportation fuel cracks and lower downstream chemical margins.
What does Mukesh Ambani have to say on the result?
Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “Reliance’s strong operational and business performance this quarter reflects our strong growth across our various businesses, meeting the demands of the industrial and consumer segments.
Jio has many affordable offers due to which the number of users has increased. This is reflected in Jio’s financial performance and digital services business.
The speed with which Jio is taking Jio True 5G services across the country is leading to the digital transformation of the country at an unprecedented pace.
Jio has launched “JioBharat” phone platform to take internet services to every citizen of the country. This will help in taking internet technology to every home.
Reliance Retail is also helping its kirana businesses grow while catering to consumer needs from digital and new commerce businesses. The Oil to Chemicals business has delivered a strong performance despite tough global conditions. India’s energy security has been boosted by production from the MJ field in the quarter. The total production in the KGD6 block will increase to 30 MMSCMD in the coming months. Separating from Jio, the work of becoming Jio Financial Services Limited is also going on fast. I believe that Jio Financial Services can do the job of providing financial services to every citizen of the country.
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