RIL Q3 net jumps 25% at Rs 94.23 bn; Jio turns profitable for first time

Consolidated revenue rose 8.6% to Rs 1.09 trn as against Rs 1.01 trn in September 2017; GRM at $11.6 per barrel

Reliance Jio Infocomm Ltd, or Jio, which disrupted the country's telecom industry with free voice and cut-price data, swung to a profit of Rs 5.04 in the third quarter from a loss of Rs 2.71 billion in the second quarter. Jio has turned around in less than a year and a half since its launch.

Gross refining margin (GRM), the money made from turning one barrel of crude oil into fuel, came in at $11.6 per barrel as against $10.8 per barrel during October-December 2016. 

Jio, the world's largest and fastest growing mobile data network, had a subscriber base of 160.1 million at the end of December.

Total wireless data traffic during the quarter stood at 4,310 million GB while total voice traffic during the quarter was 311,130 million minutes.

The Mumbai-based company said in a statement that the increase in consolidated revenues reflect robust growth of 116% in retail business and continued enhancement in Jio’s wireless operations.  It said that Jio has continued its strong subscriber growth trend with gross adds during the quarter of 27.8 million, as against 19.5 million in the trailing quarter.

Revenue for the oil and gas segment increased by 34.2% year-on-year to Rs 16.31 billion due to commencement of CBM production and higher oil and gas price realisation. However, domestic production was lower at 19.7 billion cubic feet equivalent (BCFe), down 15% compared to last year, whereas production in US Shale operations declined by 14% to 32.4 BCFe.

On Friday, the company's scrip on BSE closed 1.09% higher at Rs 929.35.