Jan 19 (Reuters) - Reliance Industries Ltd, India’s largest listed company by market value, said on Friday that its $30 billion telecom start-up Jio has turned around in less than a year and a half since its launch.
Reliance Jio Infocomm Ltd, or Jio, which disrupted the country’s telecom industry with free voice and cut-price data, swung to a profit of 5.04 billion rupees ($78.97 million) in the third quarter from a loss of 2.71 billion in the second quarter.
Reliance Industries’ profit on a standalone basis, which includes the company’s refining, petrochemicals and oil and gas exploration businesses, but primarily excludes retail and telecom operations, stood at 84.54 billion rupees in the quarter ended Dec. 31, up from 80.22 billion a year earlier.
Analysts on average had expected a standalone profit of 83.94 billion rupees, Thomson Reuters Eikon data showed.
$1 = 63.8200 Indian rupees Reporting by Krishna V Kurup in Bengaluru; editing by Jason Neely