India’s Reliance posts a 25% rise in profits, helped by its start-up Jio
Mumbai — On Friday, Indian oil-to-telecom conglomerate Reliance Industries beat analyst estimates to post a 25% rise in consolidated net profit, aided by its telecom start-up Jio turning profitable within 17 months of its launch. The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said consolidated net profit for the three months to December 31 rose to 94.23-billion rupees ($1.5bn) from 75.33-billion rupees a year earlier for the same period. A Bloomberg survey of nine analysts had projected the consolidated net profit at 84.96-billion rupees. Meanwhile, Jio reported a profit of 5.04-billion rupees for the quarter ending on December 31. "Jio’s strong financial result reflects the fundamental strength of the business, significant efficiencies and right strategic initiatives," Ambani said in a statement. Previously, the telecom services business had reported a loss of 2.71-billion rupees in the second quarter of 2017. Reliance said in a statement that its gross refin...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.