Jio gets bumper profit, profit crosses Rs 5,000 crore

New Delhi, October 27 (PM): Mukesh Ambani, owner of the country’s largest private telecom company,
released the second quarter results of Reliance Jio Infocomm. The company has seen a bumper increase in profits in the second quarter. Reliance Jio’s profit increased by 12 percent in the same quarter compared to last year. According to the data, the company’s profit has crossed the level of Rs 5,000 crore in the second quarter.
Reliance Industries Limited (RIL) reported a 27 percent jump in net profit at Rs 17,394 crore. The company said revenues from the oil and gas business were boosted by growth in the fashion-lifestyle segment as well as grocery and e-commerce.

The company said that its operating income remained almost stable at Rs 2.34 lakh crore. Reliance Retail Ventures Limited’s net profit increased by 21.04 percent to Rs 2,790 crore in the second quarter of the current financial year.

12 percent increase in profit

The profit of Mukesh Ambani’s telecom company Reliance Jio Infocomm has increased by about 12 percent to Rs 5,058 crore in the second (July-September) quarter of the current financial year 2023-24. In the information given to the stock market, Reliance Jio Infocomm said that the net profit of the company in the second quarter of the last financial year was Rs 4,518 crore. If compared with the first quarter, the company’s profit has increased by 4 percent. The company’s profit in the first quarter was Rs 4,863 crore. Nearly 10 percent increase in revenue On the other hand, Reliance Jio Infocomm’s revenue has seen an increase of about 10 percent. The company’s revenue increased by 9.8 percent to  Rs 24,750 crore in the second quarter. If compared with the first quarter of the current financial year, an increase of 3 percent has been seen in the second quarter. Company’s revenue to be seen at Rs 24,042 crore in the first quarter

Jio introduced ‘Jio Space Fiber’

Reliance Jio on Friday launched India’s first satellite-based GigaFiber service to provide high-speed
broadband services to remote areas of the country. Jio introduced a new satellite-based broadband ‘Jio Space Fiber’ at ‘India Mobile Congress. ‘Geo Space Fiber’ is a satellite-based giga fiber technology that
will provide connectivity in remote areas where broadband connectivity is not possible through fiber cable.
Reliance Jio Infocomm Limited Chairman Akash Ambani presented Jio including Jio Space Fiber to Prime Minister Narendra Modi at Jio Pavilion. Told about indigenous technology and products. Akash
Ambani said, “Jio brought broadband internet to millions of homes and businesses in India for the first time. With Jio Space Fiber we want to reach out to those who are currently deprived of it.” He said, “We promise you that through the power of technology, we will build a digital Statue of Unity.

Approval of the appointment of Akash Ambani, Isha Ambani, and Anant Ambani

On the other hand, shareholders have approved the appointment of Akash Ambani, Isha Ambani, and Anant Ambani to the board of directors of Reliance Industries. In the information is given to the stock
market, the company said that the 32-year-old Twins Isha and Akash got over 98 percent votes to be appointed to the board of Reliance, while 28-year-old Anant got 92.75 percent votes.

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