Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. 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. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum of offerings enables it to digitally empower every village, town and city in India as well as the country’s small and medium scale enterprises. The digital services business continues to focus on innovative deep-tech solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to all Indians.
The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels. The unique omni-channel retail model enables the business to service a wide range of requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned domestic as well as global players, expanding its basket of quality product offerings. The focus on strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and years and sustain our industry-leading growth momentum.
The first of our 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.”
STRATEGIC PROGRESS
- Jio has reached 148 million subscribers on True5G in less than two years of launch and continues to be the largest 5G operator outside China. Jio has transformed India from 5G-dark to 5G-bright through unmatched spectrum holdings, 5G Standalone Architecture, and advanced technologies like Carrier Aggregation and Network Slicing.
- JioAirFiber’s rapid uptake has significantly accelerated the pace of home connections, with ~2.8 million connected homes by JioAirFiber as of September 24. Jio’s pace of home connections is the fastest of its kind globally. Scaling up distribution, continuous optimization of the onboarding process, and technology edge would enable Jio to achieve the target of connecting 100 million homes in India at record speed.
- At RIL’s 47th AGM, the Chairman unveiled Jio’s comprehensive suite of tools and platforms that span the entire AI lifecycle, called JioBrain. JioBrain is helping RIL embed AI into several processes and offerings, creating end-to-end workflows with real-time, data-driven insights and automation, which helps deliver smarter and more responsive services to internal and external customers.
- To support Jio’s vision of ‘AI Everywhere for Everyone using Connected Intelligence’, Jio’s AI-Cloud Welcome offer was introduced during the quarter. Under this offer, Jio users will get up to 100 GB of free cloud storage to securely store and access all their photos, videos, documents, digital content, and data.
- During the quarter, JioTV+ app was made available for free download on all leading Smart TVs without Set Top Box or additional JioAirFiber/JioFiber connection. This JioTV+ 2-in-1 offer allows users to connect multiple TVs with one connection and access 800+ Digital TV channels and 13+ OTT apps.
LEADERSHIP QUOTE
Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Right from inception, Jio has focused on deep tech innovation to create customer and shareholder value. The ongoing transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to this approach. AI is creating the next runway for this transformation, and Jio is committed to developing the world’s best AI ecosystem in India, for all Indians. Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in financial performance in the current quarter.”
