RIL Q2 Results: Reliance Jio Reports 4% Growth In Net Profit At Rs 5,058 Crore, Revenue Up Almost 3%

After a subdued performance in the April-June quarter, Reliance Jio Infocomm today reported a standalone net profit for second quarter at Rs 5,058 crore, up 12.10% year on year (YoY). On a quarterly basis the growth in net profit was 4%. Its revenue from operations stood at Rs 24,750 crore, up 9.89% year-on-year. Sequentially, it rose 2.94% from Rs 24,042 crore in the previous quarter, said the telecom in a release. The company's margin stood at 52.3%.

Today, Reliance Jio Infocomm has reported its slowest profit growth in seven quarters, impacted negatively by higher expenses and a lack of recent tariff hikes.

The company's total assets for the second quarter stood at Rs 4,82,138 crore compared to Rs 4,45,772 crore as of March 31, 2023, while its Q2FY24 EBITDA jumped 2.98% at Rs 12,953 crore.

Reliance Jio's operating margin improved slightly to 26.4% in the July-September quarter. Its net profit margin rose 40 basis points (bps) to 17.40%.

Reliance Industries shares closed 1.75% higher at Rs 2265.25 per share on Friday.

Performance of Reliance Industries in the first quarter:

The Mukesh Ambani-led company posted a YoY decline of 11% in the consolidated net profit for the quarter ended June 2023 to Rs 16,011 crore. The company's consolidated revenue dropped 5.3% YoY to Rs 2.11 lakh crore. The board had recommended a dividend payout of Rs 9 per share, subject to the approval of the shareholders.

Reliance Industries Shareholders Approve the Appointment of Isha, Akash, And Anant Ambani As Non-Executive Directors

Reliance Industries Limited informed via an exchange filing on Friday that the resolutions for the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as the company's non-executive directors have been approved by its shareholders. The company said, "The said resolutions have been passed with more than requisite majority on October 26, 2023 (the last date of e-voting). "

Of the total votes polled, Isha Ambani, Akash Ambani, and Anant Ambani received yes from 98.21%, 98.06%, and 92.76% respectively.

The leadership transition marks a big step at Reliance Industries. Earlier, in August the board of directors of the company had approved the appointments of Isha, Akash, and Anant's appointments for the post.

Mukesh Ambani's daughter Isha Ambani currently heads Reliance Retail (RIL's retail venture). In July, Isha was also named a non-executive director on the board of Jio Financial Services (JFS).

Earlier, in July last year, Akash was appointed as the chairman of the board of directors of Reliance Jio Infocomm. He is also a member of the board of Jio Platforms.

Meanwhile, Anant Ambani is a director on the boards of Jio Platforms, Reliance Retail Ventures and Reliance New Energy and Reliance New Solar Energy.