Reliance net profit rises 11% to touch Rs 19,641 Cr in Q3
Reliance Industries registered a healthy net profit growth in its retail and telecom businesses, earning Rs 19,641 crore in Q3 FY24.
Reliance Industries reported a net profit of Rs 19,641 crore for the third quarter of the current fiscal, registering a year-on-year (YoY) growth of 10.9%.
The revenues during this period stood at Rs 2,48,160 crore, which was a YoY growth of 3.2%. The gross profit or EBITDA saw a 16.7% YoY growth at Rs 44,678 crore.
Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh Ambani said, “Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses.”
The Reliance Group business interests spread across oil and gas, telecom, retail, and media.
Photo: RIL
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Reliance Jio Infocomm, the telecom and digital services reported a net profit of Rs 5,208 crore for the third quarter, which was a YoY growth of 12.3%. The revenue during this period was Rs 25,368 crore, which was a YoY rise of 10.3%.
Reliance Jio added 11.2 million subscribers during the quarter to take its total base to 470.9 million.
Reliance Jio Infocomm Chairman Akash Ambani said, “Jio has accomplished the fastest rollout of 5G network witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong initial demand and customer engagement, especially in underserved Tier III/IV towns and rural areas.”
In the retail business, Reliance reported a net profit of Rs 3,165 crore, which was a YoY growth of 32%. The gross revenue during this period stood at Rs 83,063 crore—a 23% YoY growth.
Edited by Kanishk Singh