India’s leading conglomerate Reliance Industries reported flat net profit growth in the second quarter of FY23 due to the impact of a windfall tax. Meanwhile, gross revenues rose by 32%.
Mukesh Ambani-led Reliance Industries reported a net profit of Rs 15,512 crore for the second quarter of FY23—which was just a 0.2% growth on a year-on-year (YoY) basis.
The revenue during this period stood at Rs 253,497 crore—a 32.4% growth YoY. The EBITDA for the quarter was Rs 34,663 crore which was a YoY growth of 14.5%.
Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh Ambani said,
“I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter. We saw consistent net subscriber additions and higher engagement in the digital services segment. Jio has announced beta trials for its industry-leading Standalone 5G services and is making rapid progress for an ambitious and the fastest ever roll out of True 5G on a pan India basis.”
In terms of segment, Jio Platforms Limited reported gross revenue of Rs 28,506 crore for the Q2 FY23 quarter—which was a YoY growth of 22.8%. The EBITDA during the quarter was Rs 12,011 crore.
The net profit of Jio Platforms for the second quarter stood at Rs 4,729 crore, which was a YoY rise of 26.9%. The total customer base at the end of September 2022 stood at 427.6 million and the average revenue per user for the second quarter was Rs 177.2 per subscriber per month.
Jio Platforms said the total data traffic was 28.2 billion GB during the quarter—22.7% higher.
The retail business reported gross revenue of Rs 64,920 crore for the quarter—a YoY rise of 42.9%. The net profit for the period was Rs 2,305 crore, registering a rise of 36%.
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