New Delhi: The Mukesh Ambani-owned oil-to-retail-to-telecom conglomerate Reliance Industries Ltd (RIL) will hold its 41st annual general meeting (AGM) at 11am on Thursday.
The AGM will be held at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, near Bombay Hospital and Medical Research Centre, in Mumbai.
For the last few years, RIL has made massive Jio-related announcements during the AGM and the trend is expected to continue. Not to forget, the highly anticipated JioPhone was launched at the same event last year, which was made available for a refundable deposit of Rs 1,500.
Reports suggest that RIL could well announce the commercial launch and prices for its broadband venture, JioFiber service. So what is JioFiber and how is it different from other broadband connections?
JioFiber is the latest offering from Jio for your home. It offers ultimate broadband experience to surf, stream, game and work, because of its ultra-fast upload and download speeds and effective functioning in merely “milli seconds".
JioFiber connectivity comes directly to your home unlike in most cases where the fiber reaches only until the building and the last few meters of end connectivity is done using the traditional cable which drastically reduces the speed and user experience due to patches and inferior cable qualities of such patch up.
The current offer as listed on the Jio website is the JioFiber preview offer which gives you ultra high-speed internet up to 100Mbps for 90 days along with a monthly data quota of 100 GB and a complimentary access to a host of Jio's premium apps.
Highlights from March quarter results:
Reliance Industries reported a consolidated net profit of Rs 9,459 crore for the March quarter, up 17 percent compared to the same quarter of the previous year.
Consolidated quarterly revenues stood at Rs 1.29 lakh crore, up 39 percent quarter on quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 5 percent, QoQ, to Rs 18,469 crore, and the operating margin was 15.8 percent.
Jio has continued its strong subscriber growth trend with net addition during the quarter of 26.5 million and its total count reached to 186 million. Higher competition has capped ARPU to Rs 137 which resulted in lower revenue of Rs 8,421 crore.
Most brokerages have highlighted that the results have largely been in line with estimates, but have raised target prices up to Rs 1,200.
Markets are expected to go up in anticipation of the conglomerate's retail IPO. Brokerages such as CLSA and Kotak Institutional Equities already ascribe an enterprise value of over ₹ 1 trillion for Reliance Retail, and valuations can be far higher on listing.
(Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited)
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