RIL fires Q2 profits of Rs 11,262 crores, Jio crosses new milestone

Last Updated: Fri, Oct 18, 2019 20:45 hrs
Reliance Industries (AP photo)

Mumbai: Mukesh Ambani-led Reliance Industries Ltd (RIL) created a new benchmark on Friday by crossing the market capitalisation of Rs 9 lakh crore.

On Friday, Reliance Industries reported a mammoth 18.3 percent rise in consolidated net profit to Rs 11,262 crore for the second quarter of the current fiscal on the back of a turnaround in refining margins and continued rise in consumer businesses of retail and telecom.

For the quarter ending September, Net profits were reported at Rs 11,262 crore compared to Rs 9,516 crore profit in the same period a year back. The company in its statement announced that the Consolidated revenue had risen to a record Rs 163,854 crore.

Consumer businesses, which till last year accounted for a quarter of the company's pre-tax profit, contributed a third of EDITDA in Q2. EBITDA for the retail business rose by 13 percent to Rs 2,322 crore while the telecom arm Jio posted a net profit of Rs 990 crore.

Jio's Business:

Telecom operator Reliance Jio on Friday posted a 45.4 percent jump in its net profit to Rs 990 crore on a standalone basis in the July-September quarter of 2019-20 on account of growth in subscriber base. The company reported net profits of Rs 681 crore in the same quarter a year ago.

The operating revenue of the company increased by 33.7 percent to Rs 12,354 crore during the reported quarter from Rs 9,240 crore in the corresponding quarter of 2018-19.

"Jio crossed the 350 million subscriber mark to remain the world's fastest growing digital services company, and we are still adding more than 10 million new customers every month. Jio is not only India's largest telecom enterprise in terms of subscribers and revenues but has also become the Digital Gateway of India," Reliance Industries Chairman and Managing Director Mukesh D Ambani said in a statement.

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Jio's subscriber base soared 35.52 crore customers at the end of the reported quarter from 33.13 crore in the previous quarter.

The company reported the average revenue per user of Rs 120- a dip of Rs 2 compared to the previous quarter. The same, was however, was offset by growth in the subscriber base.

Shares of RIL on the Bombay Stock Exchange ended the trading session at 1415.30 per share, up by 19.15 or 1.37 percent.