Q3 Results Updates: Reliance Industries Profit Rises 14%; Jio, Retail Also See Growth In Profit

Grocery was the standout performer, said Taluja, with broad-based growth continuing across various categories. The online grocery business is benefiting from the existing infrastructure and network, and its average order value is among the highest in the industry, he added. The value proposition of the online grocery business lies in offering a wider range of products to customers, he further stated.

Source: Earnings Con Call

CFO Dinesh Taluja of Reliance Retail stated that the fashion and lifestyle business experienced a strong turnaround after facing headwinds in the previous quarters.

He also highlighted that the contribution of digital and new commerce to total revenue remains steady at 18%. The consumer electronics, apparel, and footwear businesses saw growth driven by the festive season, with a continued focus on improving business and offerings for Ajio, he added.

Source: Earnings Con Call

The tech giant's ADR is trading 4.72% lower at $21.81, as of 08:26 p.m.

Jio's AI Cloud offering has raised the bar by providing 100GB of cloud space to all Jio users free of cost, said Thomas. The company is also working on additional integrations, such as DigiLocker, and offering multiple tools to edit photos and videos. Currently, this has been launched as a beta offering and is expected to be fully launched in the next quarter, he added.

Source: Earnings Con Call

Thomas said that the company is focused on setting up AI-ready infrastructure in the nation and aim to deliver various innovative partnerships. He added that they are building on the AI platform JioBrain, which is currently available to consumers through beta offerings.

Source: Earnings Con Call