Reliance, Jio Q1 Results: Reliance Industries and Jio results announced, RIL’s net profit decreased by 5%, Jio’s profit jumped by 12%

Reliance Industries and Reliance Jio Infocomm Q1 Results:The quarterly results of Mukesh Ambani’s Reliance Group’s flagship company Reliance Industries Limited (RIL) and Reliance Jio Infocomm (Jio) have been announced. According to these June quarter results announced on Friday, RIL’s net profit has fallen by 5%. Whereas Reliance Jio’s net profit has seen a jump of 12%. During the first quarter, Reliance Jio’s average revenue per user (ARPU) was Rs 181.70 per customer/month.

RIL’s profit fell 20% on a sequential basis

According to the exchange filing given by the company on Friday, the consolidated net profit of Reliance Industries in the June quarter fell by 5 percent to Rs 15,138 crore i.e. Rs 22.37 per share. Whereas during the same period last year it was Rs 16,011 crore i.e. Rs 23.66 per share. These results of Reliance Industries have been weaker than estimates. Analysts had estimated the company’s net profit to be Rs 16,287 crore during the June quarter. The EBITDA of the company’s O2C segment declined to Rs 13,093 crore, which is 14.3 percent less than the same period last year.

Weak refining margins, fall in fuel revenue and high depreciation costs are being blamed for the decline in net profit of Reliance Industries. On a sequential basis, the company’s net profit has declined by 20 per cent, which was Rs 18,951 crore in the January-March quarter. However, the company’s revenue from operation increased to Rs 2.36 lakh crore, from Rs 2.10 lakh crore in April-June 2023.

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Jio’s profit is Rs 5,445 crore

The quarterly results of Reliance Jio Infocomm, announced on Friday, have been much better. Reliance Jio said that its net profit increased by 12 percent to Rs 5,445 crore in the April-June 2024 quarter. The net profit in the same quarter last year was Rs 4,863 crore. During the April-June 2024 quarter, revenue from operations increased by more than 10 percent to Rs 26,478 crore. This revenue was Rs 24,042 crore in the same quarter last year.

In a meeting held on July 19, the Board of Directors of Reliance Jio has approved these results. Reliance Jio is engaged in setting up its 5G network in the country as well as increasing the capacity of its existing wireless and wireline networks. Launched in 2016, Reliance Jio is the largest telecom operator in the country. Apart from this, it is also the second largest operator in the world working in a single country. Reliance Jio Infocomm Limited is a subsidiary of Jio Platforms Limited, another company of Reliance Group.

(This news is being updated.)