Reliance Jio's Q4 profit jumps 64 per cent to Rs 840cr

Mumbai: Reliance Industries, the oil-to-telecom conglomerate, made significant strides its retail and telecom business with Reliance Retail crossed Rs 1,00,000 crore revenue milestone, while Jio now serves over 300 million consumers.

The company opened more retail stores and added 26.6 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture as its traditional oil refining business witnessed margin pressures on fluctuating international oil prices.

"During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 1,00,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings," Reliance Industries Chairman and Managing Director Mukesh Ambani said.

Its retail business, which comprises 10,415 stores with 510 being added in Q4, saw pre-tax business profit jump 77.1 per cent to record Rs 1,923 crore.

"Reliance Retail is the only Indian retailer to be in the top 100 global retailers list and the 6th fastest growing retailer globally as per Deloitte's Global Powers of Retailing 2019," the RIL statement said.

Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 840 crore, which was 65 per cent more than the previous year, as subscriber base swelled to 306.7 million from 280.1 million at the end of the December quarter.

Earning per subscriber, however, declined to Rs 126.2 a month from Rs 130 in the previous quarter.

Retail business revenues surged 51.6 per cent to Rs 36,663 crore in Q4 and by 88.7 per cent to Rs 1,30,566 crore in 2018-19 fiscal.

Reliance said Q4 FY2018-19 saw robust consumer activity at Jio with average monthly revenue per user coming at Rs 126.2. The company said it has completed the demerger of tower and fibre assets business.