Tag: RIL

Reliance seeks access to ATF pipelines, storages of PSU oil firms: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Ltd has sought access to pipelines and storages that public sector oil companies have built over the years for supplying jet fuel (ATF) from depots and oil refineries to airports, as it looks for a larger pie of fuel trade at some of Asia’s busiest airports, according to a PTI report.

Reliance, which produces a fourth of India’s aviation turbine fuel (ATF), wants access to storage depots outside the Delhi airport and to pipelines leading to Mumbai, Bengaluru, and Hyderabad airports. It currently supplies small volumes of ATF compared with supplies made by state-owned firms.

The firm made the suggestion in its comments to oil regulator PNGRB’s draft regulation calling for the supply of ATF in all existing and future airports through pipelines that can be accessed by any supplier so as to bring in competition and cut fuel costs.

While the fuel market is open, aeroplanes at the country’s busiest airports are fed by pipelines that were built by state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) over decades.

Reliance, which has been for more than a decade now seeking access to pipelines that supply ATF to airports, especially in Mumbai, stated that “the common carrier pipeline scope (which gives third parties access to pipelines built by PSUs) should encompass the associated storage facilities and pumping stations at the ‘off-site’ oil terminal facilities as they form an integral part of the ATF supply chain”.

“This will promote a competitive market for supply and distribution of ATF to the airport ‘on-site’ storage facilities,” it said.

Of the 17.12 million tonnes of aviation turbine fuel (ATF) produced by public and private sector refineries, 8.2 million tonnes is consumed within the country and the rest is exported.

Reliance’s twin refineries at Jamnagar produce close to 5 million tonnes of ATF, a large part of which is exported. ATF demand in India is growing in double digits as more people fly. It rose by 11.8% in the fiscal year ended March 31, 2024.

At Delhi International Airport, the country’s biggest hub of airlines, IOC and BPCL supply the bulk of the 2.7 million kilolitres per annum jet fuel requirement. This is because they not just own the pipeline but also storage outside the airport. Third parties have access to pipelines going into the airport but in the absence of storage, they can’t supply much.

Reliance said it was “necessary to declare off-site ATF storage facilities at Bijwasan (outside the airport) as common user facility so that other suppliers or interested airlines can position ATF at the Bijwasan common user facility through rail wagons and use the common carrier pipeline from Bijwasan.”

For Mumbai, the second biggest hub, the firm wanted two ATF pipelines of HPCL and BPCL that bring fuel from the two refineries of the PSUs in the city, to be operated on a common carrier basis by giving other companies the right to use them.

For Bengaluru, which is home to the third largest airport in the country, Reliance wanted a tie-in connection to the common carrier pipeline from the upcoming ATF tank farm atPL’s marketing terminal at Devangonthi as bringing products through tanker trucks to the airport fuel farm was not feasible in view of traffic woes. While the pipeline supply to Hyderabad airport is operated on a common carrier open access basis, Reliance wanted the capacity of the pipeline to be increased to accommodate future demand and allow access to the storage tanks and rail wagon unloading facilities at Malkapur.

It made similar suggestions for Kochi and Lucknow airports. “Pipelines are an efficient, economical and safe mode of bulk transportation from supply installations to demand centres and these measures (proposed by PNGRB) will promote competition, ensure compliance with environmental and safety statutes and avoid infructuous investments by optimum utilisation of product storage and pipeline infrastructure,” Reliance said.

Such competition, it said, will benefit airline companies, which incur one-third of their cost on fuel.

The Petroleum and Natural Gas Regulatory Board (PNGRB) had invited comments from the public and various stakeholders including oil marketing companies (OMCs), airport operators, and airline operators for the development of aviation turbine fuel (ATF) pipelines connecting various greenfield and brownfield existing and upcoming airports in India.

“Pipelines are the cheapest mode of transport of liquid fuels with road transport being quite costly. And looking at the high share of ATF price in airline costs, provision of the pipeline could bring down the cost of air travel,” the regulator had said in a notice inviting comments in February.

While the fuel market is open in the airport premises, in the absence of a common carrier pipeline the objective of this open market cannot be achieved.

“There are a few other ATF pipelines which are being operated by the OMCs, which also need to be declared as common/contract carriers,” the regulator had said. “This move will enable other OMCs to utilise these pipelines for transporting their products, fostering competitiveness within the industry.” Comments on the proposal came in last week.

PSUs are open to declaring new pipelines as common carriers but resist the same for old ones which they built to meet captive requirements.

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Reliance shares can rally over 10% as it turns new energy vision into action, says analyst

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries (RIL) shares were in focus in the trading session of March 21 as the heavyweight stock rose almost a percent in early trade.

Brokerage firm Motilal Oswal, with a buy call, has set a target price of ₹3,210 on the stock as it sees the Mukesh Ambani-led conglomerate turning its new energy vision into action. This implies it sees over 11% upside in the stock from the closing price on March 20.

The analyst expects the January to March 2024 quarter earnings of the oil-to-chemicals (O2C) unit of the company to remain robust. In the preceding quarter Reliance’s O2C business reported revenue of ₹1.41 lakh crore compared to ₹1.44 lakh crore it reported during the same period last year and ₹1.48 lakh crore during the September quarter. EBITDA stood at ₹14,064 crore while the margin expanded 40 basis points from last year to 10%.

Motilal Oswal pointed to a sharp recovery in Singapore’s gross refining margin to $7.4 barrel as compared to $5.5/bbl in the third quarter of 2023-24. It added that the key petchem spreads over naphtha are also stable on a quarter-on-quarter basis.

Also Read: RIL-backed ChatGPT-style service Hanooman to launch in March

For the telecom business, meanwhile, the brokerage said it is building in 5% (Compound annual growth rate) CAGR for subscriptions and 4% average revenue per user (ARPU) over the FY24-26 period.

For Reliance’s retail business, Motilal Oswal expects a 29% CAGR EBITDA for the FY24-26 period led by store additions and productivity.

Reliance Industries shares traded 0.95% higher at ₹2,914.30 on BSE at 10:30 am. So far this year, RIL shares have given investors a return of 12.5% return as against which has risen 0.71% during the period.

Also Read: Reliance Industries likely to hit $1 trillion mark in market capitalisation before 2040

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Brand Guardianship Index 2024 | Mukesh Ambani top Indian, second globally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Limited (RIL) Chairman and Managing Director, Mukesh Ambani, has secured the top position among Indians and second globally in the Brand Guardianship Index 2024, as unveiled by Brand Finance in its latest survey.

With a Brand Guardianship Index (BGI) score of 80.3, Mukesh Ambani outshone notable global corporate leaders, including Microsoft’s Satya Nadella, Sundar Pichai of Google, Apple’s Tim Cook, and Tesla’s Elon Musk. The survey placed Ambani just below Huateng Ma of China-based Tencent, who clinched the top spot with a BGI score of 81.6.

In comparison to the 2023 rankings where Ambani secured the second position globally, this year witnessed his ascent to the pinnacle of the Brand Guardianship Index 2024, particularly in the ‘Diversified’ conglomerates category.

Shri Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, ranked top Indian, second globally in Brand Guardianship Index 2024 pic.twitter.com/w3QcL7QfFQ

— Reliance Industries Limited (@RIL_Updates) February 5, 2024

The Brand Guardianship Index, devised by Brand Finance, serves as a global recognition platform for CEOs who strategically sustainably build business value. This involves maintaining a delicate balance between the needs of all stakeholders, including employees, investors, and the broader society.

The 2024 survey highlighted Ambani’s leadership in the ‘Diversified’ conglomerates, surpassing not only global figures but also notable Indian counterparts like N. Chandrasekaran, Chairman of Tata Sons (ranked at No 5, up from No 8 in 2023), and Anish Shah of Mahindra Group (ranked at No 6).

Brand Finance’s approach involves constructing a balanced scorecard that measures various factors contributing to a CEO’s ability to steward their company’s brand and long-term value. The survey emphasised that Environmental, Social, and Governance (ESG) considerations have become the primary driving force in determining CEO reputation.

The Brand Guardianship Index celebrates CEOs who effectively balance commercial success, long-term brand building, and personal reputation management. Key factors include being recognized as a ‘sustainability champion,’ accounting for 14% of the variation in reputation scores, ahead of perceived trustworthiness (12.5%), a strong strategy and vision, and global recognition.

The Index incorporates ‘Perception’ factors reflecting current perceptions, ‘Performance’ factors showcasing tangible results, and ‘Promotion’ factors supporting future perceptions and performance. Mukesh Ambani’s consistent rise in global rankings underscores his commitment to sustainable business practices and effective brand stewardship.

Also read: Asia’s richest person re-joins $100 billion club as stock surges

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 | Experts discuss key expectations, weighs in on market developments

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the eagerly awaited Budget 2024 is around the corner, financial experts from various investment firms share their insights and expectations on the upcoming economic policies. Speaking to CNBC-TV18, prominent figures in the finance industry express their views on the budget and its potential impact on the Indian economy.

When asked about his expectations from the Budget, Nilesh Shah, MD of Kotak Mahindra AMC emphasized the need for a vote on account that stimulates consumption at the bottom of the pyramid, ensuring it grows at a pace parallel to the top. Shah stressed the importance of pushing private capital expenditure to match government spending. He believes that achieving these two catalysts, coupled with fiscal prudence, will make Indians proud of their country, creating envy among neighbors.

Budget 2024 LIVE Updates: Government weighs extension of NPS benefits to new tax regime?

Shah outlined three key expectations: continued investment, inclusive growth, and a commitment to fiscal prudence.

Taher Badshah, CIO, Invesco Mutual Fund expressed the desire for continuity in the economic policies while highlighting the need for additional levers to ensure visible growth beyond 2024. His statement emphasized the importance of sustained economic momentum for the coming years.

Also Read | Editor’s Take: Market and the (Interim) Budget

Nilesh Shah, MD & CEO of Envision Capital expects a comprehensive set of measures in the Budget that can potentially uplift the spending power of rural households. He envisions policies aimed at promoting economic well-being at the grassroots level.

Nilesh Shah of Envision Capital also weighed in on the challenges faced by Paytm, acknowledging the hurdles it currently confronts. The prevailing uncertainty surrounding the company, its business, and its stock is anticipated to take some time to resolve.

Also Read | RBI hits Paytm Payments Bank with more restrictions; almost all services to stop from Feb 29

The recent Reliance Industries Ltd (RIL)-Disney deal, where Disney sold its Indian assets to Viacom18 for $3.9 billion, has been hailed as a massive positive development by Envision Capital’s Shah. He sees it as a significant consolidation that places Reliance and its media business in a pole position, creating optimism among investors.

“This is a huge positive. We own Reliance Industries Ltd (RIL), so I have a vested interest,” he said.

Also Read | Budget 2024: It’s an interim budget, let’s not get too excited about it, says Jahangir Aziz

According to KV Subramanian, Former CEA, Board Member for India, IMF, “This is a vote on account and therefore what the government is really doing is essentially getting an approval from parliament for spending for a few months till the actual budget happens.”

Mahesh Nandurkar, India Strategist, Jefferies believes this will be the full-fledged Budget for the year.

“It is technically an Interim Budget but for all practical purposes, we should view this as a proper full year budget in my view. if the same party and the same ministers are going to be assuming the similar roles, it will be very difficult to argue for a very different budget in July as compared to February and the consensus today is that of a political continuity. So I would take this budget and budget numbers quite seriously,” he said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mukesh Ambani says RIL will grow to be among the top 10 business conglomerates of the world

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Ltd (RIL) Chairman Mukesh Ambani stressed that as India races ahead to become the world’s third largest economy, an unprecedented opportunity awaits Reliance. Speaking on the occasion of Reliance Family Day, Ambani said, “Reliance can and Reliance will grow to be among the top 10 business conglomerates of the world.”

Underlining RIL’s roadmap going into 2024, Ambani said Reliance looks to be among global leaders in digital platforms and AI adoption. “We need to boldly embrace data and AI to become better at decision-making and resource utilisation,” said Ambani. “We need to be at (the) forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency.”

“All our growth engines of Reliance — Digital Services, Green and Bio-Energy, Retail and Consumer Brands, O2C & Materials business, and Health and Life Sciences — will have to complete this transformation by the time we meet next year,” he added. 

In order to make RIL an AI-immersive tech company, Ambani hinted at building the necessary talent, skillsets and competencies at all levels within the organisation. Underlining Reliance’s institutional culture he emphasised working with “founder’s mindset” or “ownership mindset.” He added that the rapid change in domestic and global business environments leaves no room for complacency. 

Addressing the young workforce and leaders at Reliance, “We must keep Reliance forever young, by ensuring that the average age of all our talented teams remains in the 30s.”

With RIL undergoing a generational transition, Ambani has hopes in the capabilities of his heir’s generation. “The future of Reliance belongs to Akash, Isha, Anant and their generation. I have no doubt that they will achieve more in life, and bring more achievements to Reliance, than people of my generation.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RIL share price | Why the target price on the Reliance stock is rising

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance shares traded over a percent higher on December 19 as analysts expected an additional upside of up to 20% with an eye on the conglomerate’s consumer businesses and premiumisation plan.

Premiumisation is a term used to describe a company or a brand’s attempt to make its customers pay more for a product or service, either by offering better value, adding meaning or offering some kind of exclusivity. For example, a limited edition of a watch or sneakers is likely to fetch a higher price compared to those with no limit on their production.

Switzerland-based brokerage UBS, with a buy rating, has raised the target price on RIL shares to ₹3,000, which means it expects the stock to see a rally of more than 19% from the December 18 closing price.

Its American peer Morgan Stanley, meanwhile, has set the target price at ₹2,821 and has an overweight call on the stock.

UBS believes that the Mukesh Ambani-led conglomerate’s consumer businesses are in focus and that leverage concerns are overdone. The consumer business segment could contribute around 85% of incremental EBITDA over FY23-26 (versus only around 40% over FY21-23), taking their share in segment earnings before interest, taxes, depreciation, and amortisation (EBITDA) from 49% in FY23 to 58% in FY26.

Also Read | Reliance emerges as the largest wealth creator for the 5th time in a row: Motilal Oswal

However, the brokerage noted that investors are yet to appreciate the firm’s consumer businesses-led earnings growth. It is of the view that improving earnings could generate sufficient free cash flow to reduce debt beyond FY24.

UBS expects Reliance’s retail and digital businesses will need less capital going forward. It also said that new energy opportunities have not been fully priced in yet.

WATCH: Reliance Industries’ roadmap for its new energy business, where it plans to invest as much as ₹75,000 crore.

Also Read | Disney, Reliance plan London meeting for India media merger talks: Reuters

Morgan Stanley took note of Reliance Jio’s new bundled mobile plans, OTT subscriptions and Jio Cinema premium subscriptions for prepaid consumers.

Jio Cinema Premium (an ad-free streaming of its content available at ₹999 per year) — where the company has invested about $2.3 billion in the last two years — will support Reliance in monetising its investments in 5G, according to the investment bank.

Reliance shares, which have given a return of over 9% in the past month, were trading 1.23% higher at ₹2,550 on BSE at 11:46 am.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance emerges as the largest wealth creator for the 5th time in a row: Motilal Oswal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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For the fifth five-year term in a row, Reliance Industries, India’s largest conglomerate by market capitalisation, has emerged as the largest wealth creator for its investors.

In its 28th Annual Wealth Creation Study released on December 14, the Mumbai-based brokerage firm Motilal Oswal showed that Reliance Industries added Rs 9.63 lakh crore over the period of 2018 to 2023 (as on March 31, 2023).

RIL contributed to 13.7% of the wealth created by the top 100 companies on the list, which include Tata Consultancy Services, ICICI Bank, Infosys, and Bharti Airtel in the top five spot. The next five positions were bagged by Hindustan Unilever, State Bank of India, Bajaj Finance, Adani Enterprises, and HCL Technologies.

It must be noted that wealth created implies the increase in market capitalization over the last five years, duly adjusted for corporate actions such as fresh equity issuance, mergers, demergers, share buybacks, etc.

This report comes at a time when Chairman Mukesh Ambani is the world’s 14th richest person with a net worth of $95.8 billion, according to Forbes data on December 14.

Not just that, in the 17 years that Motilal Oswal has been conducting the study, the retail-to-telecom-oil conglomerate Reliance Industries has secured the top spot 10 times in the biggest wealth creators list that is put out annually.

Though RIL shares have declined 4.5% in 2023 (year-to-date) and about 6% in the past year, the stock has given a return of a massive 123% in the past five years as against the benchmark Sensex which has risen 95% during the period.

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While the fastest wealth creator over the period of five years was Lloyds Metals with a five-year price compounded annual growth rate (CAGR) of 79%, it was followed by Adani Enterprises which has a CAGR of 78% for the 2018-2023 period.

This has been a decade of transformation for Reliance Industries. In 2014, it was an energy giant. Today, it is the country’s largest retail chain, biggest telecom operator by subscriber base and has significant investments in a whole host of sectors, including artificial intelligence.

Earlier in October, Reliance Industries reported an increase of nearly 9% in profit (₹17,394 crore) and more than 12% in revenue (₹255,996 crore) on a sequential basis for the July to September quarter.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This analyst expects Reliance Industries shares to rally over 20%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The heavyweight stock of Reliance Industries (RIL) traded more than one percent higher in the early trade on December 6. At a time when the domestic market is witnessing record highs, American brokerage firm Jefferies expects RIL’s share price to further see an upside of more than 22% from the closing price on December 5.

Reliance shares were trading 1.02% higher at ₹2462.45 on BSE at 10:31 am. The stock was short of just 6.5% from touching the 52-week high level of ₹2,635.17. The company’s market capitalisation stood at ₹16 lakh crore.

Jefferies, with a buy call on the stock, has set a target price of Rs 2,990. It has been noted that the chairman Mukesh Ambani-led conglomerate will commission Phase I PV Module and storage capacity by mid-calendar year 2024.

According to the analyst, Chinese overcapacity has weighed on renewable equipment profitability globally. It believes that the government’s ambitious installation target and lower bidding intensity should aid economics.

Also Read: SMCP in pact with Reliance Brands to enter Indian market

The firm’s economics will also be added by the government’s basic customs duty (BCD) on Chinese imports and possible exports to the US at premium prices, the brokerage said. It added that it sees little value being imputed to renewables in the current market price (CMP).

Meanwhile, from a stock perspective, Deven Choksey, MD, DRChoksey Finserv, said Reliance Industries shares’ fundamental remains strong and convincing, be it in the conventional businesses of refining and petrochemicals, or higher growth in the oil exploration business, which continues to contribute around 50%-55% of the total EBITDA pie of the company’s entire book.

Also Read | ‘Reliance plans to invest additional ₹20,000 cr in Bengal in next 3 years’: Mukesh Ambani at Bengal Business Summit

“On the consumer side of the business, the retail and the Jio platform business, also contribute 45% to 50% of the entire EBITDA of the company. So, all in all, put together I see nothing wrong with this particular business. On the contrary, consumer-facing businesses hold a large amount of potential, since they continue to grow at the rate of 20%, which is a steady rate of growth on such a large balance sheet,” he added.

However, in 2023 (year-to-date), the stock has declined 4.45% as against the benchmark Sensex which has risen 13.5% during the period.

Track latest stock market updates on CNBCTV18.com’s blog

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Analysts see up to 32% upside in Reliance Industries stock after its results — Here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries (RIL) shares gained almost 2% in early trade on October 30, making it one of the top contributors to the Nifty 50 index. This is after the Mukesh Ambani-led conglomerate reported an increase of nearly 9% in profit and more than 12% in revenue on a sequential basis for the July to September quarter.

Following these second-quarter results, several brokerages maintained an optimistic outlook on Reliance Industries. Notably, RIL’s oil and gas segment exhibited a staggering 72% surge in revenue, reaching ₹6,620 crore. Reliance Retail also delivered a strong performance, with a quarter-on-quarter revenue growth of 10.3%, amounting to ₹77,163 crore, surpassing the CNBC-TV18 poll estimates.

Furthermore, RIL’s telecom division, Jio, reported a 3% sequential growth in consolidated revenue, amounting to ₹24,750 crore, aligning with poll projections.

Jefferies, headquartered in New York, has assigned a “buy” rating to RIL’s shares, setting a target price of ₹ 3,000, implying a potential 32.4% increase in the stock price. The brokerage highlighted the notable increase in profitability in the O2C (Oil to Chemicals) segment, driven by refining, and the healthy subscriber additions observed in the Jio division.

However, it noted that the average revenue per user (ARPU) missed expectations due to an unfavorable mix. Jefferies also pointed out that Q2 earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 8% sequentially, slightly exceeding estimates in the retail segment, with retail throughput per square foot rising by 10% quarter-on-quarter, enhancing operational performance.

Despite depressed petrochemical spreads, the brokerage has adjusted its segment EBITDA expectations to 4% and 5% for FY24 and FY25, respectively. It anticipates a 13% EBITDA growth in the current fiscal, making it a favorable risk-reward proposition.

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Nomura, too, maintains a “buy” recommendation for Reliance stock, with a target price of Rs 2,925, indicating a potential upside of nearly 30% from the closing price on October 27. The London-based brokerage highlighted healthy growth across all segments, noting strong refining margins in the O2C segment, partly offset by a decline in petrochemicals, while exploration and production (E&P) volumes saw an increase with the commencement of the MJ Field.

Nomura pointed out that although the company’s net debt has moderated, free cash flow (FCF) remains negative.

Also Read: Disney said to near multibillion-dollar India deal with Reliance Industries

On the other hand, HSBC recommends holding RIL shares with a target price of ₹ 2,460, implying an expected increase of 8.5%. The brokerage expressed reservations about the outlook for the O2C segment, emphasised that the retail sector’s store growth has lagged, and highlighted the capital-intensive nature of the digital business.

At 10:03 a.m., Reliance shares were trading at ₹ 2,298.95 on the BSE, a 1.49% increase from the previous session’s closing price.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Jio Q2 result: Profit rises 4% to ₹5,058 crore, revenue at ₹24,750 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries’ telecom arm Reliance Jio on October 27 reported its quarterly results for the July to September quarter in which its net profit rose 4% sequentially to ₹5,058 crore, almost in line with the CNBC-TV18 poll expectation of ₹5,010 crore.

The firm’s revenue and EBITDA, or earnings before interest, taxes, depreciation, and amortisation (EBITDA) 3% each increased by 3% on a quarter on quarter basis to ₹24,750 crore and ₹12,953 crore, respectively. The CNBC-TV18 poll of analysts had expected Jio to see a 3.4% rise in revenue to ₹24,850 and EBITDA at ₹13,115 crore for the quarter under review.

Jio’s EBITDA margin for the second quarter of the fiscal was flat at 52.3%.

The company reported a total subscriber base of 459.7 million, up from 448.5 million; the company added 11.2 million subscribers (net), as against 9.2 million in the first quarter of the fiscal. The average revenue per user (ARPU) came in at ₹181.70, up from ₹180.50 reported in the previous quarter.

Prakash Diwan, market expert, said Jio managed to maintain a semblance of nominal growth because of efficient operations.

“While you have about the same EBITDA margins, the profitability is a tad higher than the commensurate 3% increase in revenue and EBITDA, so that means that they have made their operations more efficient, whether it is from interest cost or other items,” Diwan said.

As per the current data available with the Telecom Regulatory Authority of India (TRAI), released last month, Reliance Jio gained about 4 million subscribers, beating Airtel, which garnered about 1.5 million subscribers during the same period.

Also last month, Reliance Jio launched JioAirFiber services, its integrated end-to-end solution for home entertainment, smart home services and high-speed broadband, across eight metro cities — Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.

But more interestingly, on the opening day of the India Mobile Congress on Friday, October 27, Reliance Jio announced Jio SpaceFiber, a satellite-based broadband service. The objective of the Jio SpaceFiber service is to deliver high-speed broadband connectivity to previously underserved regions throughout India. This service is set to be accessible throughout the country at highly competitive rates.

“I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone,” Reliance Industries Chairman & Managing Director Mukesh D. Ambani was quoted as saying.

Also read: Bajaj Holdings Q2 net profit at ₹1,491 crore, revenue rises 20% to ₹224 crore

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow