For First Time, Mukesh Ambani Discloses Earnings For Jio

 Billionaire Mukesh Ambani, who upended India's mobile-phone market with free data and voice services a year ago, said the business made profit before interest and taxes as the unit began charging for data even as it reported a net loss.

Reliance Jio Infocomm Ltd. had a Rs. 260 crore ($40 million) profit before interest and taxes, the company said in a statement on Friday. It's the first time Mr Ambani, India's richest man, has disclosed earnings for the business. The company reported a net loss of Rs. 271 crore on revenue of Rs. 6,150 crore.

Despite being the newest entrant in what was already one of the world's most crowded mobile-phone markets, Jio has accumulated more than 138.6 million subscribers and has triggered a shakeout in the industry by undercutting prices. That's prompted existing carriers to slash their tariffs and pursue mergers to survive.