Reliance Industries Limited (RIL) issued its quarterly earnings report today in which it has shared multiple strategic developments along with crucial figures for the company. In the most noteworthy development, Reliance Jio has signed an agreement with Bharti Airtel for the right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles through spectrum trading. The value of the transaction as per the filing is Rs 1,497 crore, inclusive of the present value of associated deferred payment liability of Rs 459 crore, subject to any transaction-related adjustment. With this new investment, Reliance Jio has furthered its capacity on the network front.
Reliance Industries Signs Multiple Partnerships
In this media release, Reliance Jio also noted the development in partnership with Google under which the telecom operator showcased JioPhone Next. Also, the telco has embarked on a partnership with Google Cloud. This long-term strategic partnership is for powering 5G in enterprise and consumer segments nationwide.
Another Quarter of Profits for Reliance Jio and Other RIL Companies
As for the earnings part, RIL had an EBITDA of Rs 27,550 crore ($ 3.7 billion) which is higher by 27.6% as compared to the Q1 FY21. In the previous quarter of FY22 Q1, the consolidated Net Profit before the exceptional item was Rs 13,806 crore ($ 1.9 billion) which is higher by 66.7%. Reliance Industries Limited also reported that its recorded quarterly EBITDA from digital services was Rs 9,268 crore. The consolidated profit before taxes was Rs 17,270 crore. Mukesh Ambani, CMD RIL shared that he is happy that Reliance Industries Limited has performed so well despite the challenges of the second COVID wave. He said that the performance of the company showed the resilience of RIL and its diversified businesses which cater to the large parts of the consumption basket. Talking about Jio he said that the business has posted “industry-leading operating metrics.” The billionaire also showed excitement about the launch of the Clean and Green Energy initiative in India. He also talked about resolutely implementing the vision of net carbon zero before 2035.