Reliance Jio Q1, the telecom company of Mukesh Ambani’s Reliance Industries, has released the June quarter results. Reliance Jio has registered great profits in this quarter. Between the first quarter of the current financial year i.e. April to June, Jio has made a net profit of 4,335 crores, while in the same quarter last year, the company had a profit of 3,501 crores. That is, this quarter the company has increased by 24 percent.
Big profit for Reliance Jio
Last year, Reliance Jio’s profit after tax reached Rs 14,817 crore. A year ago profit was Rs 12,015 crore. At the same time, the revenue of Reliance Jio stood at Rs 76,977 crore during this period, which was Rs 69,888 crore in the financial year ended March 31, 2021. The June quarter results assume significance as Reliance Industries Chairman Mukesh Ambani has handed over the reins of Jio to eldest son Akash Ambani. Now Akash Ambani is taking over the reins of Reliance Jio as chairman, so this result is important for the Ambani family.
Big jump in stock today
Reliance Industries shares closed with gains today after the results of Reliance Jio. Today, the last trading day of the week, the share price of Reliance closed at 2502.90 with a gain of 0.62%. At present, the market capitalization of the company is 16 lakh 93 thousand crore rupees. Let us tell you that the results of the first quarter of Jio have come at a time when telecom companies are fully ready for 5G services. The auction of the 5G spectrum will begin on July 26. In this, a total of 72 GHz radio waves worth at least Rs 4.3 lakh crore will be put up for sale. In such a situation, this result can give a good response to the company.
What did Mukesh Ambani say?
After the impressive quarterly results, Mukesh Ambani said, “Geopolitical conditions have disrupted energy markets around the world. On the other hand, there has been a steady increase in demand and the margins of the products have seen improvement. The turmoil in the crude oil market as well as rising freight costs presented many challenges, but despite all this, the O2C business has performed at its best.
Trying to protect customers from inflationary pressures
Mukesh Ambani said, ‘I am very happy with the progress of our consumer platforms. In the retail business, we are focused on expanding our reach to the consumer and providing them with better value for the product. With our strong supply chain and an enhanced capacity to bring goods from multiple locations, we are trying to keep prices low while maintaining the quality of essentials to protect the common consumer from inflationary pressures.
Special emphasis on solar energy
Reliance Industries Chairman said, “A large number of customers are joining our digital service platform. Jio is working towards increasing data availability for all Indians. Also, I am happy to see a positive trend in mobility and FTTH subscriber base. Reliance is committed to investing in India’s energy security. Our business is partnering with technology leaders in solar energy storage solutions and hydrogen ecosystems. This partnership will help us realize the dream of clean, green, and affordable energy for all Indians.
