MUMBAI (NewsRise) -- Billionaire Mukesh Ambani's Reliance Industries said third-quarter net income jumped 25% as its wireless venture, which unleashed an unprecedented price war in India's telecom industry, posted its first profit. The conglomerate's consolidated net profit for the quarter ended in December stood at 94.23 billion rupees ($1.48 billion), compared with 75.33 billion rupees a year earlier, the Mumbai-based company said in a statement on Friday. Revenue grew 31% to 1.10 trillion rupees. Analysts had expected a profit of 84.84 billion rupees.
Reliance Jio Infocomm, which started commercial operations in April after months of free services, reported a net profit of 5.04 billion rupees, compared with a loss of 2.71 billion rupees in the previous quarter. Its revenue grew 13% to 81.36 billion rupees while operating margin of more than 38% beat analysts' expectations.