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.
Thomson Reuters 2018(Except for the headline, this story has not been edited by staff and is published from a syndicated feed.)