By Premium Research Bureau

Reliance Industries announced a good set of numbers for Q1FY19 though it was a tad lower than the estimates of our Mr.SP Tulsian. Consolidated net profit came in at Rs.9485 crore. GRM came in at $10.50/barrel v/s our estimate of $10.90/barrel and v/s $11/barrel in previous Q1.

On other hand, Reliance Jio’s net profit rose 20% (QoQ) at Rs.612 crore, better than most esrimates but its average revenue generated per user was down at Rs.134.50 – the lowest since the time it began operations. This was mainly on account of waiver of Jio Prime annual membership fee and postpaid tariff cuts.