Reliance Jio reports 24% jump in Q1 net profit to ₹4,335 crore
Premium- Revenues of the Reliance Industries Ltd.'s subsidiary grew 21.5% to ₹21,873 crore during the quarter under review
NEW DELHI: India's largest telecom operator Reliance Jio Infocomm on Friday reported a nearly 24% year-on-year rise in its standalone net profit to ₹4,335 crore for the June quarter. Revenues of the subsidiary of Reliance Industries Ltd. subsidiary grew 21.5% to ₹21,873 crore during the quarter under review.
Sequentially, profit increased by 3.8% and revenue rose 4.6%
The numbers, however, missed analysts' estimates.
MINT PREMIUM See All
According to analysts at ICICI Securities, the carrier's revenue was expected to grow to ₹23,000 crore while net profit was estimated at ₹4,600 crore, driven by lower interest cost from refinancing of high cost spectrum debt. The brokerage house had pegged the carrier's Ebitda to grow 3.3% sequentially to ₹11,300 crore, with incremental Ebitda margin at 50%.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less