Mukesh Ambani-led Reliance Industries has posted record net profit for the January-March quarter. The net profit has registered a jump of around 12.8%, rising from Rs 7,227 crore in the year-ago period to Rs 8,151 crore in the current fiscal in March quarter. Revenues have also registered a significant jump of 38%, rising from Rs 54,189 crore last year to Rs 74,598 crore this year. On an annual basis, the consolidated net profit of Reliance Industries has registered a jump of 19% to reach Rs 29,901 crore. One of the reasons for record profits is the increase in the margin that Reliance earns on processing each barrel of crude oil. The margin was $11.5 per barrel during this quarter, which is much higher than last year.
Jio has also turned out to be a huge hit among customers, as can be seen from the subscriber base that is now close to the 11 crore mark. Jio has been adding subscribers at an average rate of 6 lakh subscribers per day since it launch. Jio acquired 50 million subscribers in just 83 days and 100 million in 170 days. “Jio is witnessing the largest migration from free to paid services in history. Jio is committed to provide its customers the highest quality and the world’s most affordable data and voice services, “Mukesh Ambani, chairman and managing director, Reliance Industries Limited said.