Reliance Jio Reports Net Profit Of Rs 510 Crore In Q4, Subscriber Base Increases
Reuters: Indian oil-to-retail conglomerate Reliance Industries Ltd said on Friday its telecoms business Jio reported its second straight quarterly net profit since its launch nearly two years ago, as its cut-price plans continue to attract subscribers. Reliance Jio Infocomm Ltd, which sparked a price war and pushed the telecom sector into consolidation by launching its services in September 2016, made a profit of 5.10 billion rupees ($76.43 million) in the quarter ended March 31, compared to a profit of 5.04 billion rupees in the previous quarter.
Reliance Industries' profit on a standalone basis - which includes the company's refining,petrochemicals and oil and gas exploration and production businesses - stood at 86.97 billion rupees in the quarter, up from 81.51 billion rupees a year earlier.
That compared with an average estimate of 86.88 billion rupees drawn from 15 analysts, according to Thomson Reuters data.
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