RIL CMD reports robust performance by all sectors
More than 108 million subscribers have migrated to the Jio True 5G network which now carries ~28% of Jio’s wireless data traffic, with the entire 5G data being carried on Jio’s own 5G+4G combo core, says the Reliance Group in its latest annual report.
JioAirFiber services are now being offered across ~5,900 cities and towns https://www.meity.gov.in/ , with further ramp-up towards pan India coverage soon.
Customer demand and engagement have been strong with JioAirFiber’s unique proposition as an entertainment-first product bundled with world-class broadband connectivity.
Reliance Jio Infocomm Chairman Akash M Ambani said, “Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels.
“Continued acceleration in growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio.”
At group level, Reliance Industries reported Gross Revenue of Rs.1,000,122 crore (US$119.9 billion), up 2.6% Y-o-Y, supported by continued growth momentum in consumer businesses and upstream business.
EBITDA increased by 16.1% Y-o-Y to Rs.178,677 crore (US$21.4 billion) with positive contribution from all key operating segments.
Profit after tax increased by 7.3% Y-o-Y to Rs.79,020 crore (US$9.5 billion).
Capital Expenditure for the year ended 31 March 2024 was Rs.131,769 crore (US$15.8 billion) with investments in pan-India 5G roll-out, expansion of retail infrastructure and new energy business.
Commenting on the results, Reliance Industries Limited CMD Mukesh D. Ambani https://www.ril.com/ said on 22 Apr, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones.”
Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services.
With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation’s digital infrastructure.
Reliance Retail continued to provide customers endless choices through its robust omni-channel presence.
“We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts,” he continued.
“Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space.”
Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment.
Downstream chemical industry experienced increasingly challenging market conditions through the year.
“Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance,” Ambani highlighted.
The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production.
“We remain committed to our projects and initiatives, including those in the New Energy segment, which will bolster the company, and help it deliver sustainable growth for the future.” Fiinews.com
