RIL fires on all cylinders, Q3FY18 net rises 25%

Delia Watkins
January 22, 2018

Organised retail - the fastest growing business arm at Reliance - reported revenue of ₹18,798 crore for the quarter and profit of ₹606 crore.

He said, "I would like to thank all our customers for partnering with us in this revolution which has made India a global digital powerhouse. Jio has demonstrated that it can sustain its strong financial performance", he concluded. The performance comes a day after its bigger rival Bharti Airtel reported a 39 per cent fall in consolidated profits for the quarter ended December 2017 over the same period a year ago.

"Jio's strong financial result reflects the fundamental strength of the business, significant efficiencies and right strategic initiatives", chairman Mukesh Ambani said in a statement.

Reliance Jio turns profitable with Rs 504 Cr profit in the 2 quarter. They started charging for their services from April 2017 onwards. Consolidated net profit for the December quarter rose to Rs 9,423 crore while turnover rose 30.5% to Rs 1,09,905 crore from the year earlier.

This is unprecedented, and investors all over India are actually pleasantly surprised. The company has claimed average data consumption per user per month of 9.6 GB and average voice consumption of 694 minutes per user per month, highest in the industry. Still, in terms of profits for Q3 of 2017-18, Jio has beaten Airtel; and this is a fact which will haunt Airtel for a long, long time.

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RIL attributed the growth in its earnings to higher volumes in its petrochemicals business with new capacity coming on stream post the expansion project, increase in prices across the petrochemicals and refining business and higher revenues from the retail and telecom business. Jio's subscriber base has continued its strong subscriber growth trend with gross additions of 27.8 million (as against 19.5 million in the previous quarter) during the quarter, while net additions for the quarter stood at 21.5 million (15.3 million in the trailing quarter).

Jio also said its subscriber numbers had reached 160.1 mln at the end of December, indicating that it added a whopping 8 mln users in December, higher than in any recent quarters.

Jio's total data consumption has increased by 14% compared to last quarter, whereas Airtel's has decreased. All the prepaid plans of Jio also offers Unlimited SMS and Unlimited data usage. Jio also guarantees it has client stir at 1.4 percent for every month, which is the most reduced in the business. No.2 Vodafone's India unit and third-ranked Idea Cellular are combining their operations to potentially create the market's biggest player.

Meanwhile, congratulations to Jio!

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