Mukesh Amban news: Akash Ambani-led Reliance Jio's net profit rose 12 percent to Rs 4863 crore.
Mukesh Ambani-owned Reliance Industries has released its financial results for the April-June quarter. The senior Ambani has trifurcated his business into his three children. Akash Ambani is at the helm of the company's telecom business, Isha Ambani looks after the retail business and Anant Ambani the petrochemical business. Here's a report card of how the three sectors performed under Ambani's children.
Akash Ambani-led Reliance Jio's net profit rose 12 percent to Rs 4863 crore. The company's operational revenue was Rs 24042 crore, an increase of 10 percent. However, according to experts, the performance was lower than expected. Due to rise in expenditure and tariff costs, profit and revenue have taken a hit. The firm's spending rose to Rs 17,594 crore. In terms of the number of subscribers, Jio is India's largest company with 30.4 lakh subscribers.
Isha Ambani-led Reliance Retail's profit increased by 18.8 percent to Rs 2448 crore. The company's gross revenue also saw a 19 percent hike to Rs 69,948 crore. The company opened a total of 555 new stores. The footfall at the company's stores increased to 2.49 crore.
Anant Ambani leads the company's new energy business, linked to Reliance's petrochemical business. The petrochemical business witnessed a slump because of a 31 percent decrease in the prices of crude oil. In the last quarter, the company's petrochemical business's revenue dropped by 17.7 percent to Rs 133031 crore.
The EBITDA during the period was Rs 15271 crore, which is 23.2 percent lower.
The company's consolidated revenue was Rs 2,31,132 crore, which is 4.7 percent lower than the same period last year. The company's net profit declined to Rs 16011 crore.
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 "Mukesh Ambani, Isha Ambani (File)")
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