• Thursday, October 06, 2022

Business

India’s Reliance posts 25 per cent rise in profits, Jio turns profitable

Mukesh Ambani delighted with the success of Jio

By: Sarwar Alam

Indian oil-to-telecom conglomerate Reliance Industries on Friday beat analyst estimates to post a 25 percent rise in consolidated net profit, aided by its telecom start-up Jio turning profitable within 17 months of its launch. The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said consolidated net profit for the three months to December 31 rose to 94.23 billion rupees ($1.5 billion) from 75.33 billion rupees a year earlier for the same period. A Bloomberg survey of nine analysts had projected the consolidated net profit at 84.96 billion rupees. Meanwhile, Jio reported a profit of 5.04 billion rupees for the December-ended quarter. “Jio’s…

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