Reliance Jio Infocomm Ltd, or Jio, posted a profit of Rs 612 crore in the quarter ended June 30, versus Rs 510 crore in the previous quarter
Jio's profitability is being closely watched by investors in Reliance.
Reliance Industries Ltd's telecom unit Jio reported a third straight quarterly net profit, as its cut-price plans continued to bring in more customers. The results vindicate the long-term vision of Reliance Chairman Mukesh Ambani, Asia's richest man, to make the Indian conglomerate's consumer businesses as big as its core oil-and-gas division that currently accounts for more than 90 per cent of revenues and profits.
Jio has shaken up India's telecoms sector since its launch in 2016 by offering free calls and cut-price data plans, forcing rivals to respond with their own cuts and spurring consolidation.
Jio, which turned a profit within a year of its launch, recently flagged an upgrade of its feature phone and said it aims to have 100 million users as quickly as possible.
Reliance Jio Infocomm Ltd, or Jio, posted a profit of Rs 612 crore ($89.15 million) in the quarter ended June 30, versus Rs 510 crore in the previous quarter.
Jio's profitability is being closely watched by investors in Reliance.
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