In Short:
Reliance Jio, the telecommunications company, reported a 11.9% increase in net profit in the first quarter of the fiscal year. The company’s net profit was Rs 5,445 crore for the three months ended June 30, 2024. Despite the growth, the profit was slightly lower than analyst estimates. The company’s revenue also increased by 1.9%. Reliance Industries, Jio’s parent company, saw its shares close lower after the results were announced.
Reliance Jio Reports 11.9% Increase in Net Profit for Q1 FY25
Reliance Jio, the telecom unit under Jio Platforms Limited (JPL), has reported an 11.9% year-on-year growth in net profit for the fiscal first quarter.
The net profit for the three months ended June 30, 2024, stood at Rs 5,445 crore, as compared to Rs 5,337 crore in the previous quarter and Rs 4,863 crore a year ago.
Jio’s Q1 net profit was slightly below the analysts’ average estimate of Rs 5,449 crore.
The revenue from operations for the June quarter increased by 1.9% sequentially, reaching Rs 26,580 crore compared to Rs 26,081 crore in the March quarter and Rs 24,129 crore a year ago.
Finance costs for Jio in the June quarter, FY25, were higher by 9.6% sequentially at Rs 1,101 crore compared to Rs 1,004 crore in the March quarter. Access charges also saw a 23% increase at Rs 262 crore compared to Rs 213 crore in the previous quarter.
Shares of Reliance Industries (RIL), Jio’s parent company, closed around 1.92% lower at Rs 3109.50 on the BSE on Friday. The Jio Q1 results were declared shortly after market hours.
