After Reliance Jio's first profit, Mukesh Ambani is ready for another contrarian bet

Within 15 months of starting commercial operations, Reliance Jio Infocomm turned profitable, posting a net profit of Rs 504 crore for the third quarter of the fiscal year. It had posted a net loss of Rs 271 crore in the previous quarter. It clocked a revenue of Rs 6.879 crore, up nearly 12% on quarter.

Jio's rivals are facing tough times. Bharti Airtel's third-quarter net profit plunged 39%, missing estimates and dropping for the seventh straight quarter. Idea Cellular, too, is expected to post a loss as it has been doing for quite some time.