Published: Mon, April 30, 2018
Industry | By Dora Warner

Reliance Jio to hire about 80000 people in FY19

Reliance Jio to hire about 80000 people in FY19

Jio statement said that it has continued its strong subscriber growth trend with net addition during the quarter ended 31 March 2018 (Q4 2017-18) of 26.5 million (as against 21.5 million in the previous quarter) and a churn of 0.25 percent per month. While fourth-quarter revenues jumped 134 per cent to Rs 24,183 crore, its EBIT jumped to Rs 1,086 crore from Rs 352 crore in the same period past year.

Mukesh Ambani-led company also posted "positive annual net profit" of Rs 723 crore from its 4G data service company Reliance Jio.

RIL's gross refining margin-the difference between the cost of crude oil and the average selling price of refined products-is expected to drop marginally to $11.3 a barrel, but still outstrip the regional benchmark Singapore Complex which managed $7 a barrel in the same period.

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Reliance Jio Infocomm Ltd, or Jio, disrupted the telecom industry with free voice and cut-price data in September 2016 and started commercial operations in second quarter of FY18 with a loss of Rs 271 crore.

"FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters", said Mukesh Ambani, chairman, RIL, commenting on the results. In sales, the company had earlier set a record of Rs 1,18,038 crore in the December quarter of 2013, data compiled from corporate database Capitaline showed.

Consolidated turnover in March quarter rose 39% to Rs 1,29,120 crore, driven by higher oil prices and production and commissioning of new petrochemicals projects. The Average Revenue Per User (ARPU) during the quarter stood at Rs 137.1 subscriber per month. The company's PAT from the refining business, however, dropped 10 per cent to Rs 5,607 crore. Operating profit expanded almost 34 per cent to Rs 74,184 crore ($11.4 billion). In the comparable year-ago period, its net profit had stood at ₹8,046 crore.

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A Jefferies report added that even if Jio maintains its growth pace in terms of subscriber base, its revenue market share may rise more slowly on lower average revenues per user.

During the quarter, RIL announced strategic transaction with Saavn to form India's largest platform for music, media and artists through its digital music service, JioMusic.

It had highest ever PBDIT (profit before depreciation interest and taxes) of Rs 74,184 crore.

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