Reliance Industries Ltd. (RIL) Chairman and Managing Director Mukesh Ambani on Monday highlighted the robust growth of the company’s upstream and digital services businesses as helping to partially offset the O2C (oil to chemicals) business’s weak contribution, which was hampered by unfavourable global demand-supply dynamics. Ambani stated in a press statement that RIL’s Digital Services unit will be enhancing customer engagement metrics, increasing average revenue per user (ARPU), and perhaps starting the manufacture of solar PV modules by the end of this year.
In comparison to the same quarter last year, when RIL posted a consolidated net profit of Rs 17,394 crore, there was a 4.78 per cent YoY decline to Rs 16,563 crore. Street had projected a profit decline of 11–13 %.
The quarter’s total revenue sales increased by 0.8% YoY to Rs 2,40,357 crore from Rs 2,38,797 crore in the same quarter the previous year. This was consistent with what the Street had anticipated. Jio Platforms achieved a record profit of Rs 6,536 crore for the September quarter, according to Reliance. The PAT for Reliance Retail was Rs 2,935 crore.
According to Ambani, the previous quarter saw strong development in both the upstream and digital services sectors. This helped to somewhat balance the O2C business’s poor contribution, which was hampered by unfavourable worldwide demand-supply dynamics. Because of our services’ great value proposition, growth in digital services has been driven by rising average revenue per user (ARPU) and better customer engagement metrics.
“The residential internet market is expanding at a faster rate because to our innovative, market-leading JioAirFiber service. According to Ambani, Jio’s wide range of services allows it to digitally empower every Indian town, city, and hamlet as well as the nation’s small and medium-sized businesses.
According to Ambani, the digital services industry is on pace to provide all Indians with the advantages of artificial intelligence by maintaining its national focus on -tech solutions. “The retail sector keeps expanding the number of physical and digital customer touchpoints and product offerings it offers. The company can meet the needs of a broad and diverse clientele thanks to its innovative omnichannel retail approach, according to Ambani.
The retail industry keeps collaborating with well-known national and international brands to broaden its selection of high-quality products. In the upcoming quarters, Ambani stated, his company would quickly expand this business and maintain its industry-leading growth pace thanks to the development of its retail operations.
By the end of this year, the first of our New Energy Giga factories is expected to start producing solar PV modules. The worldwide clean energy transition is expected to benefit greatly from the variety of renewable solutions offered by the new energy industry, which includes wind, solar, energy storage systems, green hydrogen, bioenergy, and energy from biomass “added the speaker.
