Reliance is pumping $2.8 billion more in Jio after registering profits

Bulked up by foreign inflows rupee hits 20-month high exporters wary

Reliance is pumping $2.8 billion more in Jio after registering profits

Ahead of the earnings today RIL shares closed at 1416.95, up 1.23% on the Bombay Stock Exchange while the benchmark index closed at 29,655.84 points up, 0.99%.

During the period under review the NSE Nifty only surged by 12.6 per cent and BSE Sensex gained by 11.4 per cent.

The retail business of Reliance Industries Ltd (RIL) reported a 60.2% increase in revenues year on year (yoy) for the full fiscal 2016-17 at Rs 33,765 crore.

Reliance Jio said that it is planning to double its network strength by adding 1 lakh additional mobile sites in coming months, having already garnered 108.9 million subscribers as of March 31, 2017. For International travellers, Jio's International roaming service is now available across the world, with the best voice and data rates in the industry.

Reliance Industries' refining business has been delivering double-digit GRMs since the last quarter of the 2014-15 fiscal, benefiting from the global demand for transportation fuels and improved products, as Mukesh Ambani, chairman and managing director, Reliance Industries Limited, pointed out during Q3 announcement. Cash and cash equivalents as on March 31, 2017, were at Rs 77,226 crore compared with Rs 89,969 crore as on March 31, 2016. Of these around 72 million had subscribed to the Jio Prime membership.

Reliance Jio has garnered 10.89 crore paid subscribers till March 31 but losses on account of free services widened for the company. To put in perspective, it recorded a net loss of Rs.7.46 crores during the same period a year ago. In digital services, the Jio movement is set to transform India. RIL claims that Jio contributes to more than 80 percent of data consumption in India. It has also completed an ethane cracking project at its Dahej manufacturing unit, which should aid the company's profit margins in the future.

Standalone revenue from operations during the quarter increased 12 percent quarter-on-quarter to Rs 74,598 crore while consolidated revenue soared 10.33 percent to Rs 92,889 crore, the company said in its filing.

In March 2017, RIL commenced commercial production from its Coal Bed Methane (CBM) block Sohagpur (West).

As per the company, its telecom services, which added 109 million subscribers after starting in September past year with free voice and data services, had 72 million paid users at the end of the quarter.

The firm runs formats like Reliance Fresh, Reliance Super and Reliance Hyper and operates 3,616 stores across 702 cities in India. So far 5882783 (NSE+BSE) shares were traded on the counter.

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