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<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

<ul><li><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Jio has launched a new item-tracking device <keyword id="17647811" type="General" weightage="20" keywordseo="jiotag" source="Orion">JioTag</keyword> in India.</li><li>JioTag is a cheaper alternative to Apple’s AirTag.</li><li>Originally priced at ₹2,199, the JioTag is now available for a limited-time offer of ₹749.</li></ul>Reliance Jio has unveiled the JioTag, a bluetooth <keyword id="575424" type="General" weightage="20" keywordseo="tracking-device" source="Orion">tracking device</keyword> that enables users to locate their lost or misplaced items effortlessly. With this launch, Jio has significantly broadened its hardware portfolio. JioTag presents a highly cost-effective option as it has positioned itself as a budget-friendly alternative to trackers like Apple's AirTag and Samsung's Galaxy SmartTag. Originally priced at ₹2,199, the JioTag is currently available for a limited time offer of just ₹749 in India. In comparison, Apple's AirTag carries a considerably higher price tag of ₹3,490, making JioTag a more affordable alternative for consumers. <cmsannotation type="cmsannotation" annotationid="JioTag: Features" comment="subhead" text="JioTag: Features">JioTag: Features</cmsannotation> Reliance Jio asserts that its JioTag tracker boasts of an impressive battery life of up to one year. Not only does it aid in locating lost items, it also offers a handy feature wherein users can double-tap on the tracker to ring their phone, even if it is set to silent mode. Additionally, the JioTag includes a useful alert system that notifies individuals if they accidentally leave behind essential items like wallets, keys or other belongings, providing their location. With a range of up to 20 metres indoors and 50 metres outdoors, the JioTag utilises Bluetooth 5.1 connectivity. Moreover, it introduces a unique feature called Community Find, which enables users to track the last-known location of a disconnected item. In case the JioTag itself is misplaced, users can report the loss in the JioThings app, and the Jio Community Find feature will assist in locating it. To enhance user convenience, the retail box of the JioTag comes equipped with an extra battery and a lanyard cable. The inclusion of a lanyard simplifies the process of attaching the JioTag to various items. <cmsannotation type="cmsannotation" annotationid="JioTag or Apple’s AirTag?" comment="subhead" text="JioTag or Apple’s AirTag?">JioTag or Apple’s AirTag?</cmsannotation> The JioTag serves as a practical solution for locating misplaced items such as small purses, wallets, key rings, car keys, and more. It offers affordability as an advantage. However, its effectiveness is restricted to a range of 20-50 metres within one location. In contrast, Apple AirTags provide enhanced tracking capabilities and prove to be more versatile. They can track items located over 30 feet away from the user's phone by utilising a network of iPhones. Simply put, AirTags leverage Bluetooth connections with any nearby Apple iPhones to guide users to the location of the lost items. Regarding privacy concerns, Apple assures users that these connections are end-to-end encrypted, and neither the company nor any other entity collects location or other details through AirTags. It's important to note that Apple’s AirTag is not a GPS tracker as it relies on the network of iPhones to determine the location of lost items. Consequently, its effectiveness may vary depending on the presence of a substantial number of iPhone users, making it more suitable for urban areas compared to rural regions. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-you-can-spot-ai-generated-images/articleshow/100847676.cms">Spot AI-generated images with these simple steps</a> <a href="https://www.businessinsider.in/tech/news/samsung-galaxy-f54-5g-review-top-specs-phone-under-rs-30000/articleshow/100815562.cms">Samsung Galaxy F54 5G: A top specs phone under Rs 30,000 but with fast charging still a miss</a>

JioTag — A pocket-friendly alternative to Apple AirTag for finding your lost belongings

As 5G roll-out picks up speed thanks to <keyword id="6354504" type="General" weightage="80" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> and <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword>, India climbed 10 spots for median mobile speeds globally in the month of January, from 79th position in December to 69th, a report said on Monday. The country also increased two spots in rank globally for overall median fixed broadband speeds, from 81st in December to 79th in January, according to network intelligence and connectivity insights provider <keyword id="2431974" type="General" weightage="100" keywordseo="ookla" source="Orion">Ookla</keyword>. Overall fixed median download speeds in India saw a slight increase from 49.14 Mbps in December to 50.02 Mbps in January. In November, India ranked at 105th position, globally in median mobile speeds. Ookla also recorded 29.85 Mbps median mobile download speeds in January this year which is better than 25.29 Mbps in December 2022. The UAE leads the chart for overall global median mobile speeds, whereas Papua New Guinea increased 24 spots in rank globally. For fixed broadband download speeds, Singapore is consistent at the top spot while Cyprus increased 20 spots in rank globally. Meanwhile, Reliance Jio's True 5G services have gone live in more than 236 cities, becoming the first and only telecom operator to reach such a wide network in a short span of time. Jio True 5G has a three-fold advantage -- stand-alone 5G architecture with advanced 5G network with zero dependency on 4G network; the largest and best mix of 5G spectrum across 700 MHz, 3500 MHz, and 26 GHz bands; and seamlessly combining these 5G frequencies into a single robust "data highway" using an advanced technology called Carrier Aggregation. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vodafone-idea-continues-to-bleed-subscribers/articleshow/98006341.cms">Reliance Jio and Airtel add subscribers as Vodafone Idea continues to bleed subscribers</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-hikes-the-price-of-its-base-plan-by-57-reduces-validity-to-24-days/articleshow/97299532.cms">Airtel price hike announced – customers will have to pay 57% more for the telco’s cheapest plan</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-launches-its-first-5g-data-pack-price-benefits-how-to-use/slidelist/96874180.cms">Reliance Jio launches its first 5G data pack – price, benefits, how to use</a>

As 5G rolls out, India jumps 10 spots in median mobile speeds globally: Ookla

<ul><li>Reliance <keyword id="2003276" type="General" weightage="100" keywordseo="jio" source="Orion">Jio</keyword> is set to begin 5G services in the country by Diwali this year.</li><li>The company is also working on developing an affordable 5G smartphone with <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword>.</li><li>The company may benefit if Chinese companies are banned from the Indian budget smartphone segment.</li></ul>Over the past few weeks, there have been <a href="https://www.businessinsider.in/tech/mobile/news/indian-government-is-reportedly-planning-on-restricting-xiaomi-realme-vivo-and-oppo-from-the-budget-smartphone-segment/articleshow/93432631.cms">reports</a> that the government is planning on banning Chinese companies from the budget smartphone segment. This is reportedly aimed at boosting domestic companies as Chinese companies <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">dominate</a> the Indian smartphone segment. Experts have been <a href="https://www.businessinsider.in/tech/mobile/news/indian-phone-brands-may-not-be-able-to-fill-the-void-that-chinese-budget-phone-ban-may-create/articleshow/93751192.cms">sceptical</a> about how beneficial this will be as Chinese smartphone makers account for nearly 80% of the market share in the budget segment, and they believe domestic companies may not be able to fill the void left by the Chinese smartphone makers. Reliance Jio has <a href="https://www.businessinsider.in/business/telecom/news/jio-set-to-launch-true-5g-services-this-2022-diwali/articleshow/93854727.cms">announced</a> that 5G services will launch in India this Diwali, starting in key cities of India, including Delhi, Mumbai, Kolkata and Chennai. During the 45th annual general meeting of Reliance Industries, <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> also announced that the company’s telecom arm, Reliance Jio, is working with Google to develop affordable 5G smartphones. <cmsannotation type="cmsannotation" annotationid="Reliance Jio may benefit from a ban" comment="subhead" text="Reliance Jio may benefit from a ban">Reliance Jio may benefit from a ban</cmsannotation> As domestic companies may not be able to meet the demand if Chinese companies are banned from the budget smartphone segment, Reliance Jio may benefit from this. Reliance already has good experience with churning out affordable smartphones. The company’s Lyf brand had a market share of around 7% in Q1 2017 and occupied the fifth position in the Indian smartphone segment. The company’s affordable JioPhone became one of the most popular budget phones in the country during 2018 and accounted for over 35% of the feature phones market share in Q1 2018, as per a Counterpoint <a href="https://www.counterpointresearch.com/india-feature-phone-market-doubled-smartphone-market-remained-flat-yoy-q1-2018/">report</a>. Experts also believe that Jio may benefit from a ban in India. “Sub ₹12,000 category will see very careful participation from Chinese players unless there is clarity. It surely is an advantage Jio but making 5G under ₹12,000 is also not easy,” said Tarun Pathak, Research Director, Counterpoint Research. Currently, it is not clear how the upcoming device from Jio and Google will be priced. However, we expect the company to launch devices under ₹12,000. We should know more about the upcoming smartphone in the coming days. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/indian-phone-brands-may-not-be-able-to-fill-the-void-that-chinese-budget-phone-ban-may-create/articleshow/93751192.cms">Indian phone brands may not be able to fill the void that Chinese budget phone ban may create</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-set-to-launch-true-5g-services-this-2022-diwali/articleshow/93854727.cms">Jio set to launch True 5G services across major Indian cities this Diwali</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-use-jiomart-on-whatsapp/articleshow/93871111.cms">How to use JioMart on WhatsApp</a>

Amid reports of ban on Chinese budget smartphones, Mukesh Ambani reveals Reliance Jio and Google are working on an affordable 5G smartphone

<ul><li>The stock price of Reliance Industries is on the rise after the Supreme Court verdict on how to define <keyword id="728949" type="PERSON" weightage="20" keywordseo="adjusted-gross-revenue">adjusted gross revenue</keyword> (AGR) for telecom operators.</li><li>The stock prices of Airtel and Vodafone Idea, on the other hand, dipped sharply.</li><li>The financial impact of the verdict will be greater on the two legacy players in the market, leaving it weakened against the younger Jio and Mukesh Ambani's deep pockets.</li></ul> Reliance Industries' share price shot up by 1.77% on October 24 after the Supreme Court ruled in favour of the government in defining adjusted gross revenue (AGR) for telecom companies. But, it dipped back to its opening price of ₹1436.25 by end of the day. All telecom operators are now bound to pay a levy to the government⁠— including for past revenue⁠— on not just the money earned from core telecom services but also on dividends, handset sales, rent and profit from the sale of scrap in addition to revenue from services. Airtel will have to pay ₹21,682.13 crore and Vodafone will have to cough up ₹19,823.71 crore to the Indian government, according to the Department of Telecommunications (DoT). Given the huge financial impact on Vodafone and Airtel, they will be considerably weakened to complete against Mukesh Ambani’s Jio and its deep pockets. Both Airtel and Vodafone have huge debts and are bleeding cash in trying to retain customers from moving on to Jio. Reliance Jio also has high debt but its parent company, Reliance Industries, underwent one of the largest capital expenditure exercise by an Indian corporate. Of the $93 billion invested in different verticals, nearly half was invested in Jio. It’s network is already 5G-ready whereas Airtel and Vodafone still have a ways to go to upgrade their infrastructure. The budget set aside for making the network better and buying the 5G spectrum will now go into clearing the government dues . Meanwhile Jio can aggressively move towards acquiring more customers from these two peers.

It’s advantage Reliance Jio after Supreme Court verdict drains Airtel and Vodafone

In the next four years, <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (RIL)'s focus would be to add a third "layer of commerce" and monetize the existing investments across different formats. According to a research report by BofA Securities, in the last 4 years, with <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword>, RIL has been able to build a "digital layer" on top of the existing "physical layer" of retail shops across electronics, grocery and apparels. "We believe the next four years, RIL's focus would be to add a third 'layer of commerce' and monetize the existing investments across different formats," the report said. The company continues to invest in technology and is partnering with world's best (Google, Facebook, Microsoft) as well as India's best (invested in 20 plus startups). "We believe RIL is uniquely positioned with a sustainable competitive advantage to monetize this," it added. "In our view, the biggest takeaway from Jio's last 4 year journey was that - 'India is a supply-constrained market and not a demand-constrained market'," the report noted. So, as long as any company could efficiently provide goods and services at affordable prices, this market would consume. "Jio proved the hypothesis and with potentially tariffs moving up in the future, we could see profitability also improving in cellular space," the report said. "Over the next 3-4 years we believe RIL will offer 'value for money' proposition across fiber broadband, SME &amp; enterprise market, offline/online retail market and areas like Education, Healthcare, Agriculture and media/Gaming markets," the report added. The company may be successful in a few domains and potentially look to acquire start-ups in spaces where it is struggling. Indeed, it has acquired 20 plus start-ups already, in process looking to improve its value proposition to consumers. One of the reasons why companies like Amazon, Alibaba, Tencent etc. have been able to create "shareholder value" is because they owned their customers. Due to their value proposition customers come back again and again to them. "We believe RIL also has potential to do this. Infact RIL's approach appears to owning the 'pipe' as well as the 'services' offered on the pipe," it said. "Over the next 3-5 years, we expect RIL to have 500 million mobile users, offer broadband services to 20-25 million households &amp; cater to 12-15 million SMEs. The connectivity part of the Jio business focuses on offering these consumers the connections. The services part would focus on monetizing these," it added. For instance, entertainment offerings would help RIL improve stickiness. Jio may not fully monetize this but would keep users captive to cross-sell other offerings. RIL is also focusing on leveraging tech to offer Ed-tech, Health-tech, Agri-tech services. "We also believe gaming will pick-up in India as the country has young population mix with world's largest Gen Z workforce," the report said. An omni channel approach on commerce would help RIL sell its grocery, apparel and electronics items to a wider audience base. By working with the Kiranas, RIL would likely increase its B2B sales as well. The catalyst could be a potential stake sale at retail business. As per reports, <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> may follow the Jio Platforms model, onboarding multiple investors by selling stakes in the firm. RIL has offered all 13 investors of Jio Platforms (including Facebook, Google etc.) the option to invest in its Retail unit.

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Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

PTI

JioTag — A pocket-friendly alternative to Apple AirTag for finding your lost belongings

Rahul Verma

As 5G rolls out, India jumps 10 spots in median mobile speeds globally: Ookla

IANS

Amid reports of ban on Chinese budget smartphones, Mukesh Ambani reveals Reliance Jio and Google are working on an affordable 5G smartphone

Sourabh Jain

It’s advantage Reliance Jio after Supreme Court verdict drains Airtel and Vodafone

Prabhjote Gill

Mukesh Ambani's new business initiatives will add a 'third layer of commerce', bringing in more money into Reliance

IANS

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