Reliance commences more 5G testing as net profit rises by 26% in Q3 results

News24

LAST UPDATED: Jan. 23, 2021, 12:40 p.m.

New Delhi (Anish Yande): Reliance Industries recorded strong quarterly earnings for the quarter ended on December 31, 2020. The quarterly earnings were driven in a large part due to the increase in demand for digital services and petrochemicals from Reliance Industries. 

The consolidated net profit of Reliance Industries rose to Rs 13,101 crore in the December quarter, an increase of 12.5 percent. In the previous fiscal, the net profit was recorded at Rs 11,640 crore.

Reliance Industries quarterly earnings:

On the back of strong quarterly earnings, the telecom operator of Reliance Industries commenced the next phase of 5G testing. Advanced tests for implementing the 5G networks across India have started, according to a statement by Reliance Jio. 

Consolidated revenue for Reliance Industries declined to Rs 1.23 lakh crore. The revenue decreased by 22 percent from Rs 1.57  lakh crore in the previous fiscal. The operating margin of the company rose to 18.3 percent from the previous margin of 14.8 percent.  

The net income of Reliance Industries rose by 13 percent on a year-on-year basis to Rs 13.1 lakh crore. The costs of the company declined to Rs 1.13 lakh crore by 22 percent. 

Jio Platforms earnings in December quarter:

Jio Platforms recorded a rise in net profit to Rs 3,489 crore on a quarter-on-quarter basis. The rise in net profit was recorded at 15.5 percent on a quarter-on-quarter basis. In the previous September quarter, the net profit of the digital service provider was recorded at Rs 3,020 crore. 

READ ALSO :  Gold and silver rates today: Gold rises slightly after decline in previous sessions

Revenue of Jio Platforms rose to Rs 22,858 crore in the December quarter. The fashion and lifestyle business of Reliance recorded a promising growth with a rise to Rs 2,482 crore in terms of profit. The profit had risen by 76.3 percent in the quarter. 

The EBITDA of Reliance Retail was at Rs 3,087 crore in the December quarter. The earnings before interest and taxes of Reliance Retail rose by 8.9 percent on a year-on-year basis. 

Image Credit: Google

Source link

Leave a Comment