RIL earnings to grow at 10.5%, Jio to break-even by 2022: IIFL

New Delhi April 3 (IANS) Reliance Industries Limited s (RIL) standalone earnings are expected to grow at 10.5 per cent per annum through financial year 2016-17 to 2018-19 a report by financial service company IIFL said here on Monday.

The report stated that opportunistic capacity additions by the company and completion of key projects would improve cost competitiveness and firm outlook for gross refining margins (GRM).

Consolidated earnings would remain flat at best since Jio should achieve PBT (profit before tax) break-even only by FY22 (2021-22) the report stated.

The IIFL projected upbeat outlook for each of industrialist Mukesh Ambani-led RIL s business segments.

We expect refinery utilisation to average at 115 per cent per annum and GRMs to remain firm at around US$11-11.5/bbl it added.

IIFL s telecom team expects Jio to ramp up market share and revenues to 22 per cent and Rs 60 000 crore respectively and report PBT breakeven earliest by 2021-22.

Although we expect RIL s standalone earnings to grow at 10.5 per cent per annum through FY17-19 its consolidated earnings should remain flat at best considering losses at Jio said the financial services company.

The report forecast that Jio will register a loss of Rs 19 600 crore in 2017-18 and Rs 11 500 crore in 2018-19.

A newcomer in the telecom industry Jio has already got over 100 million customers. The company last week said over 72 million of its customers have signed up for Jio Prime membership.

--IANS
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