Reliance Jio to hire 80000 people in FY19

Reliance Jio to hire 80000 people in FY19

The company's profit after tax was higher by 20.6 percent at Rs 36,075 crore as against Rs 29,901 crore in the previous year. Its net profit for the entire fiscal year, which is also its first year of commercial operations, is of Rs 723 crores. "Net subscriber addition for the company during the year 2017-18 was at 83 million, which was the highest in the industry by a substantial margin", the company said in a statement.

Mumbai: Reliance Industries (RIL) has reported a 17.3 per cent growth in consolidated net profit for the January-March quarter, which was largely in line with Street estimates following a strong showing in its petrochemicals business. 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 past year.

This is the second time in a row the telecom unit has declared a profit.

"FY18 was a landmark year for Reliance, where we established several records on both operating and financial parameters". The standalone operating revenue stood at Rs 7,128 crore, which is increased by 3.6% to Rs 6,879 crore.

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Reliance said pre-tax profit from petrochemical business, where all expansion projects have been completed, was at record high of Rs 6,435 crore in the fourth quarter of the 2017-18 fiscal, up 12 per cent over a year ago.

Morgan Stanley said in a 8 April research report that Jio is expected to report a quarter-on-quarter decline in ARPU (average revenue per user) due to tariff cuts of early 2018.

On a segmental basis, the EBIT for petrochemical business was Rs 6,435 crore against Rs 5,753 crore posted during the previous quarter. The company added 86 stores across formats during the quarter. The telecom body, which represents top telcos Bharti Airtel, Vodafone India, Idea Cellular and Jio, has asked how the data download speed of a single operator recorded by TRAI's app was so different from those measured by other such testing services. In the comparable year-ago period, its net profit had stood at ₹8,046 crore. Alongside the revenue aspect, Jio also revealed the numbers of the company such as subscriber base, data usage by the subscribers and more.

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