RIL Q1 Results: The country’s largest private company Reliance Industries has announced the results of the first quarter of the financial year 2023-24 from April to June. And in the first quarter, the company’s profit has declined by 11 percent. Reliance’s profit in the first quarter has been Rs 16,011 crore, while the net profit in the same quarter last year was Rs 17,955 crore.
The income from the operation of Reliance Industries has also seen a decline of 5.3 percent and it has been Rs 2.11 lakh crore, which was Rs 2,23,113 crore in the same quarter last year. Reliance Industries has announced a dividend of Rs 9 per share to its shareholders.
The main reason for the decline in the revenue of Reliance Industries is the weak performance of the oil and chemicals business. There has been a decline of 18 percent in the revenue from this business and it has been Rs 1.33 lakh crore. Due to the better performance of retail and telecom business, a big decline in revenue and profit was avoided.
The revenue of Reliance Industries’ retail business has increased by 20 percent to Rs 69,962 crore and profit to Rs 2448 crore. While the revenue of Digital Services stood at Rs 32,077 crore with an increase of 13 per cent. On the results of Reliance, the company’s chairman Mukesh Ambani said that Reliance’s strong operating and financial performance this quarter reflects the flexibility of our portfolio of different businesses that meet the demands of industrial and consumer segments.
Akash M Ambani, Chairman, Reliance Jio Infocomm Limited said on the performance of digital business that Jio is rapidly rolling out its 5G network. Jio is on track to complete pan-India 5G rollout before December 2023. Jio has launched JioBharat phone to make the dream of 2G free India come true and to make internet accessible to every Indian. With these new investments, Jio will further accelerate the pace of growth on connectivity and digital platform in the years to come.
Speaking on the results of Reliance Retail, Isha M Ambani, Executive Director, Reliance Retail Ventures Limited said, “I am pleased to share that our financial performance for the quarter was strong and is in line with our business objectives. Our position as a market leader has been further strengthened by continued growth across all consumption segments. We will continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers.
Mukesh Ambani said on the merger of Jio Fin
On the demerger of Jio Financial Services, Mukesh Ambani said that the demerger process of Jio Financial Services Limited is on track with major approvals. He said that I believe that Jio Financial Services is in a better position to promote financial inclusion in India.
At the close of the market on Friday, the stock of Reliance Industries closed at Rs 2536, down 3.19 per cent.
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