Jio reports operating profits in maiden quarterly financials

Jio reports operating profits in maiden quarterly financials

Jio reports operating profits in maiden quarterly financials

A lower IUC benefits Jio. Revenues rose 13.5 percent year-on-year to Rs 1,503 crore and operating losses narrowed to Rs 272 crore compared to Rs 491 crore a year earlier.

Jio continues its rapid ramp-up of subscriber base and as of 30th September 2017, there are 138.6 million subscribers on the network.

The PAT for the quarter came in at Rs. 8097 crore, yoy increase of 12.8%. "I am delighted to share that this includes the financial performance of Jio, which had a positive Ebit (earnings before interest and tax) contribution in its first quarter of commercial operations".

After family feud, the company was split into two in 2005 and Dhirubhai elder son Mukesh Ambani was made the chairman and managing director of RIL while his brother Anil received the group's telecom, power and entertainment business.

The company identified 15.3 million net additions of Jio during the quarter, with highest per capita data consumption at 9.62 GB per user per month, and 178 crore hours of high speed video consumption per month.

Debt stood at Rs 49,000 crore, on an equity base of Rs 90,000 crore, and the company needs to make Rs 22,000 crore of payments to the government for spectrum over a period of time. Thakur said most of Jio's users have subscribed to its Rs 399 plan and very few have taken up the Rs 149 plan.

Kenyan police use teargas to disperse opposition protesters
During protests on Wednesday, several were treated for gunshot wounds in Kisumu, according to a doctor at the local hospital. Kenyatta on Friday signed a supplementary budget allocating $116 million (12 billion shillings) for the new election.

Cavs star could miss season opener against Boston
On Wednesday, the soreness in his ankle returned, and the Cavs made the decision to shut James down the rest of the preseason. However, apparently, he and his team will just have to deal with it for now until he is finally okay.

India's top court rules sex with an underage wife is rape
However, the judges refrained from making any observation with regard to the marital rape of a woman who is 18 years of age and above.

The other big surprise came from RIL's petrochemical segment, wherein revenue grew 24.9 per cent year-on-year to Rs 27,999 crore.

"The strong financial result of Jio demonstrates the robust business model and the significant efficiencies that the company has built through its investment in the latest 4G technology and right business strategy", Ambani said. On the other hand, the telecom operator posted EBIT of Rs 260 crore with EBIT margin of 4.2 per cent. Margin expanded by 190 basis points sequentially and 247 bps year-on-year to 17.7 % in the quarter gone by. At 18 per cent Ebit margin, this is at a 10-year high. "Also, our production was higher", said V Srikanth, joint chief financial officer. Consolidated revenue from operations including service tax/GST was Rs 71,970.8 million.

Jio provided for Rs 1,500 crore in depreciation and amortisation and may for the full year the same may rise to Rs 4,500 crore, he said.

Rising revenue and improving profitability helped RIL clock a net profit of Rs 8,097 crore, a rise of 12.8 per cent year-on-year. RIL is expected to announce the results of its third quarter in January next year; in January 2016, the company's Q3 profit beat expectations of analysts, raising 10% to Rs 7,218 crore.

Gross refining margin (GRM), the profit earned on each barrel of crude processed, was US$12 for the quarter, a nine-year high, but shrunk to US$3.7 per barrel against the benchmark Singapore complex margins due to a falling price difference between light and heavy crude oil grades, Srikanth said. Refining margin was at Dollars 11.9 a barrel in previous quarter and analysts' estimates were at USD 12.5 a barrel for Q2.

Latest News