Reliance announces financial results of Q4 (FY 2017-2018)

Job alert Mukesh Ambani owned Reliance Jio plans to hire 80,000 employees

Reliance Jio, a subsidiary of RIL, posted standalone net profit of Rs 510 crore for the fourth quarter (January-March) 2017-18. Its telecom service segment, Reliance Jio, can not be blamed completely for missing the Street expectations.

The company said in FY18 revenue from the Refining & Marketing segment increased by 22 per cent year-on-year to Rs 306,095 crore ($47 billion), primarily on account of higher crude prices during the year.

Jio's average revenue per user (ARPU) stood at Rs 154, even as Bharti Airtel's ARPU declined to Rs 123 during the same period. Revenue grew by 105% year-on-year to Rs 69,198 crore from Rs 33,765 crore.

According to the report, Reliance Jio recorded net profit of Rs 723 crore for the year 2017-18, which highlights the fact that Mukesh Ambani's dream project has indeed worked wonders and is now competing in the big leagues. The owner of world's largest refining complex earned $11 on turning every barrel of crude oil into fuel in January-March as against a gross refining margin (GRM) of $11.5 in the same period a year ago.

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The increase in profit beat analysts' estimates. During the quarter that ended on March 31, 2018, Jio users consumed a record 506 crore GB of 4G data which resulted in 17.4% QoQ growth in terms of data consumption.

The company had reported a PBDIT (profit before depreciation and income tax) of Rs 352 crore in the same period last fiscal. Similarly, refining business revenue jumped 23 percent to Rs.93,519 crore where exploration and production revenue plunged 54 percent to a Rs.746 crore. "We have had a tariff reduction of about Rs50 over three months, which we have more than made up with subscriber growth". This is mainly due to competition unleashed by it in 2016. Revenues rose 3.6 percent to Rs 7,128 crore against Rs 6,879 crore during the December quarter.

The Rs 198 Jio prepaid recharge pack offers 2GB of 4G data per day with a validity of 28 days (totally 56GB data) along with unlimited local, STD and Roaming calls, and 100 free SMSes per day.

"Business without petro and connectivity is supporting the EBIDTA growth".

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