Reliance Jio Reports Profit For Second Quarter In Row, RIL Posts Record Earnings
Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a 20.6 per cent jump in its consolidated net profit for fiscal 2018 at Rs 36,075 crore as compared to Rs 29,901 crore last year. For the quarter ended March, the oil and gas to telecom major reported a consolidated net profit of Rs 9,435 crore, up 17.3 per cent from Rs 9,423 crore for the quarter ended December 2017.
Reliance Jio, the telecom unit of Reliance Industries, reported a net profit of Rs 510.44 crore for the quarter ended March 31 as compared to Rs 504.38 crore in September quarter. Jio reported a net profit for the year at Rs 723 crore.
Increase in revenue was primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in prices of products in refining and petrochemical businesses, RIL said. RIL's consolidated revenue was also boosted by robust growth in retail and digital services business, it said.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Everyone at Jio is today proud to have played a pivotal role in transforming the digital landscape of this country and empowering millions of Indians with all the leading digital tools and skills. Jio is offering the "power of data" to each Indian to fulfil every dream and to collectively take India to Global Digital Leadership."
RIL posted a consolidated revenue of Rs 4,30,731 crore, an increase of 30.5 per cent, as compared to Rs 3,30,180 crore in the previous year. For the quarter ended March 31, 2018, RIL posted a revenue of Rs 1,29,120 crore, an increase of 39 per cent as compared to Rs 92,889 crore in the corresponding period of the previous year.
"Digital Services business contributed positively in its first year of operation with strong customer traction for Jio's wireless services," RIL stated in an official statement. Reliance Jio continued its strong subscriber growth trend with net addition during the quarter of 26.5 million (as against 21.5 million in the previous quarter) customers.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
