Reliance Industries Reports Impressive Growth Amid Global Volatility
Reliance Industries Limited's April-June quarter saw a 6.0% revenue rise, driven by robust performances across segments despite challenges in global markets. Jio Platforms and Reliance Retail Ventures exhibited strong growth, while Oil to Chemicals and Oil & Gas segments faced slight declines. Enhancements in digital services and retail initiatives spotlighted Reliance's adaptability.
- Country:
- India
On Friday, Reliance Industries Limited reported a 6.0% increase in its gross revenue for the April-June quarter, totalling Rs 273,252 crore. Jio Platforms, a subsidiary, demonstrated a significant 18.8% surge in revenue due to vigorous subscriber growth in both mobility and home sectors, as well as a persistent positive trend in digital services.
Reliance Retail Ventures also posted an 11.3% rise in revenue, with standout performances in grocery and fashion. However, the Oil to Chemicals segment experienced a 1.5% decrease, attributed to a drop in crude oil prices and reduced volumes from planned shutdowns, although domestic transportation fuel sales via Jio-bp supported earnings.
In the Oil and Gas sector, a 1.2% revenue drop stemmed from lower KGD6 gas sales and declining production, despite improved KGD6 pricing. Chairman Mukesh Ambani lauded Reliance's operational and financial resilience amid volatile global markets, emphasizing the company's focus on enhancing its offerings across digital services and retail sectors for Indian consumers.
(With inputs from agencies.)
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