Mukesh Ambani’s Reliance Industries on Friday reported the quarterly results for the second quarter as it registered a record net profit of Rs 11,262 crore. This was an 18.3% rise in Reliance’s consolidated net profit. The latest results for Reliance came just days after Mukesh Ambani had secured his position as India’s richest businessman. The Ambanis have been on a new path of success particularly after Shloka Mehta became an integral part of their family after her marriage with Akash Ambani earlier this year.
When the Mukesh Ambani-owned RIL reported its financial performance for the first quarter ending 30 June, the company had reported phenomenal growth of 22.1% to Rs 172,956 crore or $ 25.1 billion to its consolidated revenue. The company’s overall profit had also registered a growth of Rs 9,036 crore, which was an increase of 2.4 % compared to the same quarter last year.
A statement by Reliance said that its net profit in July-September also stood at Rs 11,262 crore, compared to Rs 9,516 crore profit in the same period a year back. Consolidated revenue for Reliance rose to a record Rs 163,854 crore.
Consumer businesses, which till last year accounted for a quarter of the company’s pre-tax profit, contributed a third of EBITDA in Q2. Retail business EBITDA rose 13% to Rs 2,322 crore, while telecom arm Jio posted a net profit of Rs 990 crore.
The Ambanis couldn’t have asked for more with the arrival of Shloka in the family. Last week, Reliance Jio also decided to charge its customers 6 paise per minute for calls made to non-Jio networks. This was in contrast to what Mukesh Ambani had promised. Earlier, he had said that Jio customers will never have to pay for voice calls when he launched Jio three years ago.