Reliance Jio reported a net profit at Rs 4,518 crore during the second quarter (Q2) of the Financial Year 2022-23 (FY23); the Q2 FY23 net profit figure marks a 28% jump from that reported in the same quarter last year. The net profit reported for the quarter was lower than an ET Now poll which anticipated it at Rs 4,619 crore.
The revenue clocked by the telecom arm of Reliance Industries Ltd (RIL), India’s most valuable company by market capitalisation, during the September quarter was reported at Rs 22,521 crore vs an ET Now poll of Rs 22,912 crore.
EBITDA for quarter was Rs 11,489 crore vs an ET Now poll which expected the figure to be at Rs 11,623 crore. EBITDA margins stood at 51.01% vs ET Now expectation of 50.7%.
RIL stock closed at Rs 2,471.95, down 1.16% on the National Stock Exchange on Friday. RIL stock has retreated almost 13% from April 13 high of Rs 2819 primarily on the weakness of the oil-to-chemical business, which accounts majorly to the revenues of the conglomerate. However, analysts expected the company’s consumer-facing businesses such as telecom and retail to perform well during the quarter.
