Tue Oct 15 05:11:21 UTC 2024: ## Reliance Industries Reports 5% Decline in Q2 Profit, JIO Platforms Shows Strong Growth

**Mumbai, October 24, 2023:** Reliance Industries Limited (RIL), led by Mukesh Ambani, reported a 4.7% decline in its net profit for the September quarter, reaching ₹16,563 crore. This figure is down from ₹17,394 crore reported in the same period last year. Despite this, the company saw a marginal rise in revenue, increasing by 0.2% to ₹2.35 lakh crore.

The company’s total income also saw a modest increase, reaching ₹2.4 lakh crore compared to ₹2.38 lakh crore in the same quarter last year. RIL reported an EBITDA of ₹43,934 crore, showing a 2% year-on-year decline.

In contrast, JIO Platforms, also owned by Mukesh Ambani, witnessed a strong performance in the second quarter. Its net profit surged by 23.4% to ₹6,539 crore. The company’s average revenue per user (ARPU) also increased to ₹195.1 per month. JIO Platforms’ operating income saw an 18% rise, reaching ₹31,709 crore, while revenue climbed 17.7% year-on-year to ₹37,119 crore.

The news of RIL’s lower-than-expected profit has impacted the company’s share price. On Tuesday, RIL shares dropped by 1.04% to ₹2,716.45, resulting in a decrease in the company’s market capitalization to ₹18.42 lakh crore.

Investors are advised to consult with market experts before making any investment decisions.

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