Falling Tariffs Hurt Reliance Jio As Well
Billionaire Mukesh Ambani would have realised that the bruising pricing war cuts both ways. His Reliance Jio Infocomm Ltd. was the worst hit as tariffs continue to fall in the world’s second-largest telecom market. Not only did Jio’s growth slow down, its average revenue per user fell the most in the final quarter of the previous financial year. It reported its second straight profit but a flat growth. The domestic revenue of Bharti Airtel Ltd. also fell but India’s largest telecom operator managed to beat estimates as it was cushioned by an improvement in its Africa business. Sunil Mittal-led carrier reported its first loss in 15 years in India operations, while its Africa united reported a record profit. Kumar Mangalam Birla-led Idea Cellular Ltd. reported the sixth straight loss in the quarter ended March. That narrowed from the previous three months on better-than-expected operational profit and higher other income. Average revenue per user...