New Delhi, Oct 17 (FN Reresentative) India’s leading private conglomerate Reliance Industries today announced that its net profit fell by 2.8 percent during the second quarter or July-September period of current financial year at Rs 19,323 crore y-o-y basis compared to Rs 19,878 crore in the same period of last financial year. The gross revenue from operations grew marginally by 0.8 percent at Rs 258,027 crore during the second quarter of 2024-25, RIL said in a release. Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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.” Jio Platform said that it registered a growth of 17.7 percent in its revenue during the quarter at Rs 37,119 crore Y-o-Y basis. The Average Revenue Per User (ARPU) increased to Rs 195.1 with the partial follow-through of the tariff hike and a better subscriber mix. The full impact of the tariff hike will flow through in the next 2-3 quarters. Jio has reached 148 million subscribers on True5G in less than two years of launch and continues to be the largest 5G operator outside China. Jio has transformed India from 5G-dark to 5G-bright through unmatched spectrum holdings, 5G Standalone Architecture, and advanced technologies like Carrier Aggregation and Network Slicing.
Growth in Digital Services was led by increased ARPU and improving customer engagement metrics reflecting the strong value proposition of our services. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum of offerings enables it to digitally empower every village, town and city in India as well as the country’s small and medium scale enterprises, Ambani added. The digital services business continues 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 all Indians, RIL said. 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. The retail business continues to partner with renowned domestic as well as global players, expanding its basket of quality product offerings. The focus on strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and years and sustain our industry-leading growth momentum. The first of RIL’s New Energy Giga-factories is on-track to commence production of solar PV modules by the end of this year, Ambani said adding with a comprehensive range of renewable solutions including solar, energy storage systems, green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor to global clean energy transition. Commenting on Jio’s performance, Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Right from inception, Jio has focused on deep tech innovation to create customer and shareholder value.
The ongoing transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to this approach. AI is creating the next runway for this transformation, and Jio is committed to developing the world’s best AI ecosystem in India, for all Indians. Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in financial performance in the current quarter.” Reliance Retail business registered a revenue of Rs 76,302 crore, down 1.1 per cent Y-o-Y. Growth impacted by weak Fashion and Lifestyle (F&L) demand, continued focus on streamlining of operations and calibrated approach to B2B business to improve margins. Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail continues to make investments in technology and infrastructure to build a strong foundation for future growth and maintain market leadership. “ We continue to strengthen our customer proposition with innovative products that spans everyday essentials to premium offerings. By continuously enhancing our assortment and innovating across categories, we are creating a shopping experience that meets the evolving needs of our customers and reinforces our leadership in the retail space,” she added.