Earlier, RIL became the first company in the country to reach a market cap of Rs 9 lakh crore.
Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday reported an 18.3% Year-on-Year jump in Q2 net profit to record Rs 11,262 crore in the July-September quarter against Rs 9,516 crore a year ago.
Reliance Jio Infocomm's net profit during the quarter increased by 45.4% to Rs 996 crore while its revenue jumped by 33.1% to Rs14,562 crore .
Earlier on Friday, RIL became the first company in the country to reach a market cap of Rs 9 lakh crore as its shares ended 1.42% higher to close at Rs 1,415.30.
Bank of America Merrill Lynch had said on Wednesday that Reliance Industries would reach US $200-billion market cap in 24 months, making it the first Indian company to achieve the milestone.
According to a press release by the company, RIL's revenue increased by 4.8% to Rs 63,854 crore ($ 23.1 billion) while its net profit increased by 18.3% to Rs 11,262 crore ($ 1.6 billion).
Commenting on the results, Reliance Industries Limited Chairman and Managing Director Mukesh Ambani said, “The Company has reported record net profit for the quarter. These excellent results reflect benefits of our integrated Oil to Chemicals (O2C) value chain and the rapid scale-up of our Consumer businesses. During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation."
Commenting on Jio's performamce, Mr Ambani said, "As an outcome of our team’s relentless efforts, Jio has become India’s largest mobility services provider. Jio today also has the highest market share in terms of 4G subscriber base and 4G data traffic in India. We are now executing yet another game changing initiative with the largest ever roll out of broadband services to home and enterprises through JioFiber. As always, we are committed to bring to Indian consumers more world-class products and services and providing them unique value propositions through innovation and technology.”
Reliance Jio's average revenue per user (ARPU) during the quarter was Rs 120 per subscriber per month.
As of September 30, 2019 the telecom operator boasts of 355.2 million subscriber base, second largest in the country.
“Jio crossed the 350 million subscriber mark to remain the world's fastest growing digital services company, and we are still adding more than 10 million new customers every month. Jio is not only India’s largest telecom enterprise in terms of subscribers and revenues but has also become the Digital Gateway of India," he said.
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