RIL’s Jio Infocomm witnessed a sharp surge of 17.7% in its revenue to Rs 37,119 crore and a 23.4% jump in its PAT to Rs 6,539 crore in Q2FY25, all thanks to the recent tariff hike.
Jio’s average revenue per user (ARPU) increased to Rs 195.1, up 7.4% y-o-y in Q2. The full impact of the tariff hike will flow through in the next 2-3 quarters, said the company. The tariff hike, however, led to a decline in customer base to 478.8 million in Q2FY25 from 489.7 million in Q1FY25.
Reliance Retail Ventures Ltd (RRVL) reported a marginal fall in its revenue to Rs 76,302 crore while PAT remained almost flat at Rs 2,836 crore. RRVL said that the growth was impacted by weak Fashion and Lifestyle (F&L) demand, continued focus on streamlining of operations and a calibrated approach to B2B business to improve margins.
The company’s Oil and Gas (exploration and production) segment reported EBITDA of Rs 5,290 crore (up 11%) and revenue of Rs 6,222 crore (down 6%) in Q2FY25.
“Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics. Growth in Digital Services was led by increased ARPU and improving customer engagement metrics reflecting the strong value proposition of our services,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited.
He added that the first of their New Energy Giga-factories is on-track to commence production of solar PV modules by the end of this year. “With a comprehensive range of renewable solutions including solar, energy storage systems, green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor to global clean energy transition,” said Ambani.