Reliance Industries net profits zoom, Jio's losses widen
Reliance said it would continue to pump around $1 billion into the venture for each of the next few quarters. Photograph: (Reuters)
Reliance Industries Ltd's telecoms arm Jio will turn profitable "shortly," the Indian conglomerate said today even as its net losses widened to Rs 270.59 crore in the July-September quarter this fiscal against a net loss of Rs 21.3 crore in the preceding quarter.
The company added it would continue to pump around $1 billion into the venture for each of the next few quarters.
The total income of Reliance Jio stood at Rs 6,148.73 crore in the quarter under review.
The financials were announced after the markets closed for trading today. Shares of the company closed at Rs 876.7 apiece, up 0.48 per cent from the previous closing.
However, Reliance Industries Ltd(RIL) consolidated net profit increased 12.5 per cent to Rs 8,109 crore for the September quarter.
The company had reported a net profit of Rs 7,209 crore in the same quarter last fiscal, RIL said in a regulatory filing.
The company's revenue rose 23.9 per cent to Rs 1,01,169 crore in the reported quarter as against Rs 81,651 crore in the year-ago period.