![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Reliance Jio<\/a> has outpaced rivals Bharti Airtel<\/a> and Idea Cellular<\/a>, reporting a sequential growth in net profit in the March quarter with higher average revenue per user (ARPU) and voice and data usages, but analysts have again questioned the depreciation & amortisation (D&A) norms applied by the Mukesh Ambani-owned telco, saying the numbers are not in sync with its reported data volume growth.\n
“Even with a unit-of-production (UOP) methodology, we would have expected Jio<\/a>’s D&A charge to broadly go up in line with data volumes consumed on the network, but it remains flat for the third consecutive quarter,” brokerage Kotak Institutional Equities said in a note ET saw.
\n
\nJio’s D&A charge is flat at just under Rs 1,200 crore, Kotak said, despite the “17.4 per cent sequential growth in data volumes” in the fiscal fourth quarter, which also reflects a whopping “cumulative 34 per cent jump over the September quarter. Higher D&A charge would have dented Jio’s net profit.
\n
Analysts say Jio uses a ‘unit of production’ method for its wireless network costs that includes spectrum and capex causing costs to scale up with higher utilisation of network capacity. Bharti Airtel<\/a> and Idea Cellular<\/a> use the more prevalent straight-line method, where costs decrease over the life of the asset.
\n
\nHence, Bharti Airtel<\/a>’s and Idea’s D&A costs in the January-Mach quarter at Rs 4,899.1 crore and Rs 2,085.4 crore, respectively, were far higher than Jio’s.
\n
\nIn a written response to ET’s queries, Jio said under its D&A policy, “The expected pattern of consumption of the expected future economic benefits of the relevant assets is monitored periodically, and depreciation amount computed accordingly in line with the Accounting Standards.”
\n
\nEarlier, Anshuman Thakur, Jio’s head of strategy & planning, had told reporters on Friday that the company’s accounting is in line with the Indian Accounting Standards (Ind-AS), when Jio reported a 1.2 per cent sequential rise in its March quarter net profit to Rs 510 crore.
\n
Its numbers were preceded by market leader<\/a> Bharti Airtel<\/a> reporting its first loss in 15 years in India, followed by No 3 carrier Idea, which reported a net loss for a sixth successive quarter and onyear losses widening to Rs 930.6 crore. The older telcos were stung by continuing price wars and cuts in call termination rates.
\n
\nAnalysts aren’t too concerned about Jio’s ARPU — a key performance metric — that has shrunk sequentially in the March quarter to Rs 137 from Rs 154 following the sharp cut in its base offer to JioPhone users. If anything, they said, Jio’s earnings numbers underline the company’s focus on market expansion through its continuing pricing aggression and its readiness to take any short-term ARPU dips in its stride, which means more pain for the likes of Airtel, Idea and Vodafone India.
\n
\nSanjiv Bhasin, executive VP (markets & corporate affairs) at IIFL, said Jio’s ARPU, against Idea and Bharti’s Rs 105 and Rs 116, respectively, only “suggests the 4G newcomer’s plans are seeing strong traction both in urban markets as well as the hinterlands amid continuing price wars”.
\n
\nBut there are skeptics too.
\n
\n“Given that Jio has invested over Rs 2.5 lakh crore in the telecom business, the annual depreciation should be near about Rs 15,000 crore and the quarterly number around Rs 4,000 crore. In addition, there would be some interest costs of about Rs 1,000 crore,” said an analyst with a global brokerage who did not wish to be identified.
\n
\n“So, with as much as Rs 5,000 crore of costs below operating income, the net profit in the March quarter came as a surprise,” the analyst said.
\n
\nJio said “certain assets of the company are currently under development and therefore not depreciated, which again is clearly described in the financial statements”.
\n
\nBrokerage Kotak, on it’s part, said it had expected Jio’s ‘D&A per GB number’ to be flattish as it had assumed the company’s total production over the economic life of the assets, an important input to the UOP method, would have incorporated future capex and associated capacity expansion.
\n
\nJio also reported a 3.6 per cent on-quarter rise in revenue to Rs 7,128 crore. This was against Bharti Airtel’s 3.37 per cent fall in consolidated revenues to Rs 19,634 crore and Idea’s 5.7 per cent fall sequentially to Rs 6,137.3 crore.
\n
\n
<\/h4><\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-authors="[" kalyan parbat"]" data-category-name="" data-category_id="" data-date="2018-04-30" data-index="article_1">
依赖Jio超过了竞争对手Bharti Airtel和知道细胞,连续3月季度净利润增长较高的每用户平均收入(ARPU)和语音和数据应用,但分析师们再次质疑折旧及摊销前利润(d和a)由穆克什Ambani-owned电信规范应用,说报道的数字不是同步数据量增长。
“即使工作量(UOP)方法,我们会预期Jio的d和a向广泛的在网络上的数据量消耗,但它仍然是平面连续第三个季度,”科塔克经纪机构股票在一份报告中称等。
Jio d和a的电荷是平在不到1200卢比,科塔克说,尽管“17.4%序列数据量增长”的第四财季业绩,这也反映出了“季度累计增长34%。更高的d和a电荷会削弱Jio的净利润。
分析师称Jio使用单位生产的无线网络成本方法,包括光谱和资本支出导致成本扩大网络容量利用率较高的。Bharti附近的旅馆和知道细胞使用直线法更普遍,成本降低一生的资产。
因此,Bharti附近的旅馆的和想法的d和a成本January-Mach季度4899。1卢比2085。4卢比,分别比Jio要高得多。
在一份书面回应等的查询,Jio说d和a政策下,“预期的消费模式的相关资产的预期未来经济利益是定期监测,并相应地计算折旧额符合会计准则”。
早些时候,Jio Anshuman Thakur战略与规划主管星期五对记者说,该公司的会计符合印度会计准则(Ind-AS),当Jio报道3月季度净利润环比上升1.2%至510卢比。
它的号码是之前市场的领导者
Bharti Airtel报告15年以来的首次亏损在印度,其次是3号航母的想法,六分之一连续季度净亏损和onyear损失扩大到930.6卢比。年长的电信公司都受到持续的价格战和削减在呼叫终止率。
分析师不太关心Jio ARPU——关键绩效指标,减少顺序从Rs 154年第一季度Rs 137后大幅削减其JioPhone用户提供基础。如果有的话,他们说,Jio收益数字突显出公司的关注市场通过其继续定价侵略和扩张其准备采取任何短期ARPU蘸泰然自若,这意味着更多的痛苦的喜欢Airtel想法和沃达丰印度。
执行副总裁桑吉夫•哈(市场和公司事务)IIFL,说Jio的ARPU,反对思想和Bharti的Rs 105和116卢比,分别,只有“建议4 g新人的计划看到强劲的牵引力在城市市场以及内陆地区在持续的价格战”。
但也有持怀疑态度的人。
“鉴于Jio投资了十万的2.5卢比在电信业务,每年的折旧应附近大约15000卢比,季度数量大约4000卢比。此外,会有一些利息成本约为1000卢比,分析师表示:“全球经纪不愿具名。
“所以,高达5000卢比的成本低于营业收入,净利润在3月季度之际,一个惊喜,”分析师说。
Jio说:“公司目前正在开发的某些资产,因此不贬值,这显然是所描述的财务报表”。
经纪科塔克,这是表示,预期Jio ' d和a / g数字是稍平的,因为它曾以为公司的总产量超过资产的经济生活,一个重要的微指令的输入方法,会将未来的资本支出和产能扩张有关。
Jio也公布上一季度3.6%的收入上升到7128卢比。这是与Bharti Airtel的综合收入19634卢比下降3.37%和想法。3 6137卢比的顺序下降5.7%。
Reliance Jio<\/a> has outpaced rivals Bharti Airtel<\/a> and Idea Cellular<\/a>, reporting a sequential growth in net profit in the March quarter with higher average revenue per user (ARPU) and voice and data usages, but analysts have again questioned the depreciation & amortisation (D&A) norms applied by the Mukesh Ambani-owned telco, saying the numbers are not in sync with its reported data volume growth.
\n
“Even with a unit-of-production (UOP) methodology, we would have expected Jio<\/a>’s D&A charge to broadly go up in line with data volumes consumed on the network, but it remains flat for the third consecutive quarter,” brokerage Kotak Institutional Equities said in a note ET saw.
\n
\nJio’s D&A charge is flat at just under Rs 1,200 crore, Kotak said, despite the “17.4 per cent sequential growth in data volumes” in the fiscal fourth quarter, which also reflects a whopping “cumulative 34 per cent jump over the September quarter. Higher D&A charge would have dented Jio’s net profit.
\n
Analysts say Jio uses a ‘unit of production’ method for its wireless network costs that includes spectrum and capex causing costs to scale up with higher utilisation of network capacity. Bharti Airtel<\/a> and Idea Cellular<\/a> use the more prevalent straight-line method, where costs decrease over the life of the asset.
\n
\nHence, Bharti Airtel<\/a>’s and Idea’s D&A costs in the January-Mach quarter at Rs 4,899.1 crore and Rs 2,085.4 crore, respectively, were far higher than Jio’s.
\n
\nIn a written response to ET’s queries, Jio said under its D&A policy, “The expected pattern of consumption of the expected future economic benefits of the relevant assets is monitored periodically, and depreciation amount computed accordingly in line with the Accounting Standards.”
\n
\nEarlier, Anshuman Thakur, Jio’s head of strategy & planning, had told reporters on Friday that the company’s accounting is in line with the Indian Accounting Standards (Ind-AS), when Jio reported a 1.2 per cent sequential rise in its March quarter net profit to Rs 510 crore.
\n
Its numbers were preceded by market leader<\/a> Bharti Airtel<\/a> reporting its first loss in 15 years in India, followed by No 3 carrier Idea, which reported a net loss for a sixth successive quarter and onyear losses widening to Rs 930.6 crore. The older telcos were stung by continuing price wars and cuts in call termination rates.
\n
\nAnalysts aren’t too concerned about Jio’s ARPU — a key performance metric — that has shrunk sequentially in the March quarter to Rs 137 from Rs 154 following the sharp cut in its base offer to JioPhone users. If anything, they said, Jio’s earnings numbers underline the company’s focus on market expansion through its continuing pricing aggression and its readiness to take any short-term ARPU dips in its stride, which means more pain for the likes of Airtel, Idea and Vodafone India.
\n
\nSanjiv Bhasin, executive VP (markets & corporate affairs) at IIFL, said Jio’s ARPU, against Idea and Bharti’s Rs 105 and Rs 116, respectively, only “suggests the 4G newcomer’s plans are seeing strong traction both in urban markets as well as the hinterlands amid continuing price wars”.
\n
\nBut there are skeptics too.
\n
\n“Given that Jio has invested over Rs 2.5 lakh crore in the telecom business, the annual depreciation should be near about Rs 15,000 crore and the quarterly number around Rs 4,000 crore. In addition, there would be some interest costs of about Rs 1,000 crore,” said an analyst with a global brokerage who did not wish to be identified.
\n
\n“So, with as much as Rs 5,000 crore of costs below operating income, the net profit in the March quarter came as a surprise,” the analyst said.
\n
\nJio said “certain assets of the company are currently under development and therefore not depreciated, which again is clearly described in the financial statements”.
\n
\nBrokerage Kotak, on it’s part, said it had expected Jio’s ‘D&A per GB number’ to be flattish as it had assumed the company’s total production over the economic life of the assets, an important input to the UOP method, would have incorporated future capex and associated capacity expansion.
\n
\nJio also reported a 3.6 per cent on-quarter rise in revenue to Rs 7,128 crore. This was against Bharti Airtel’s 3.37 per cent fall in consolidated revenues to Rs 19,634 crore and Idea’s 5.7 per cent fall sequentially to Rs 6,137.3 crore.
\n
\n<\/h4><\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-news_link="//www.iser-br.com/news/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric/63966995">
<\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-authors="[" kalyan parbat"]" data-category-name="" data-category_id="" data-date="2018-04-30" data-index="article_1">
依赖Jio超过了竞争对手Bharti Airtel和知道细胞,连续3月季度净利润增长较高的每用户平均收入(ARPU)和语音和数据应用,但分析师们再次质疑折旧及摊销前利润(d和a)由穆克什Ambani-owned电信规范应用,说报道的数字不是同步数据量增长。
“即使工作量(UOP)方法,我们会预期Jio的d和a向广泛的在网络上的数据量消耗,但它仍然是平面连续第三个季度,”科塔克经纪机构股票在一份报告中称等。
Jio d和a的电荷是平在不到1200卢比,科塔克说,尽管“17.4%序列数据量增长”的第四财季业绩,这也反映出了“季度累计增长34%。更高的d和a电荷会削弱Jio的净利润。
分析师称Jio使用单位生产的无线网络成本方法,包括光谱和资本支出导致成本扩大网络容量利用率较高的。Bharti附近的旅馆和知道细胞使用直线法更普遍,成本降低一生的资产。
因此,Bharti附近的旅馆的和想法的d和a成本January-Mach季度4899。1卢比2085。4卢比,分别比Jio要高得多。
在一份书面回应等的查询,Jio说d和a政策下,“预期的消费模式的相关资产的预期未来经济利益是定期监测,并相应地计算折旧额符合会计准则”。
早些时候,Jio Anshuman Thakur战略与规划主管星期五对记者说,该公司的会计符合印度会计准则(Ind-AS),当Jio报道3月季度净利润环比上升1.2%至510卢比。
它的号码是之前市场的领导者
Bharti Airtel报告15年以来的首次亏损在印度,其次是3号航母的想法,六分之一连续季度净亏损和onyear损失扩大到930.6卢比。年长的电信公司都受到持续的价格战和削减在呼叫终止率。
分析师不太关心Jio ARPU——关键绩效指标,减少顺序从Rs 154年第一季度Rs 137后大幅削减其JioPhone用户提供基础。如果有的话,他们说,Jio收益数字突显出公司的关注市场通过其继续定价侵略和扩张其准备采取任何短期ARPU蘸泰然自若,这意味着更多的痛苦的喜欢Airtel想法和沃达丰印度。
执行副总裁桑吉夫•哈(市场和公司事务)IIFL,说Jio的ARPU,反对思想和Bharti的Rs 105和116卢比,分别,只有“建议4 g新人的计划看到强劲的牵引力在城市市场以及内陆地区在持续的价格战”。
但也有持怀疑态度的人。
“鉴于Jio投资了十万的2.5卢比在电信业务,每年的折旧应附近大约15000卢比,季度数量大约4000卢比。此外,会有一些利息成本约为1000卢比,分析师表示:“全球经纪不愿具名。
“所以,高达5000卢比的成本低于营业收入,净利润在3月季度之际,一个惊喜,”分析师说。
Jio说:“公司目前正在开发的某些资产,因此不贬值,这显然是所描述的财务报表”。
经纪科塔克,这是表示,预期Jio ' d和a / g数字是稍平的,因为它曾以为公司的总产量超过资产的经济生活,一个重要的微指令的输入方法,会将未来的资本支出和产能扩张有关。
Jio也公布上一季度3.6%的收入上升到7128卢比。这是与Bharti Airtel的综合收入19634卢比下降3.37%和想法。3 6137卢比的顺序下降5.7%。
Reliance Jio<\/a> has outpaced rivals Bharti Airtel<\/a> and Idea Cellular<\/a>, reporting a sequential growth in net profit in the March quarter with higher average revenue per user (ARPU) and voice and data usages, but analysts have again questioned the depreciation & amortisation (D&A) norms applied by the Mukesh Ambani-owned telco, saying the numbers are not in sync with its reported data volume growth.
\n
“Even with a unit-of-production (UOP) methodology, we would have expected Jio<\/a>’s D&A charge to broadly go up in line with data volumes consumed on the network, but it remains flat for the third consecutive quarter,” brokerage Kotak Institutional Equities said in a note ET saw.
\n
\nJio’s D&A charge is flat at just under Rs 1,200 crore, Kotak said, despite the “17.4 per cent sequential growth in data volumes” in the fiscal fourth quarter, which also reflects a whopping “cumulative 34 per cent jump over the September quarter. Higher D&A charge would have dented Jio’s net profit.
\n
Analysts say Jio uses a ‘unit of production’ method for its wireless network costs that includes spectrum and capex causing costs to scale up with higher utilisation of network capacity. Bharti Airtel<\/a> and Idea Cellular<\/a> use the more prevalent straight-line method, where costs decrease over the life of the asset.
\n
\nHence, Bharti Airtel<\/a>’s and Idea’s D&A costs in the January-Mach quarter at Rs 4,899.1 crore and Rs 2,085.4 crore, respectively, were far higher than Jio’s.
\n
\nIn a written response to ET’s queries, Jio said under its D&A policy, “The expected pattern of consumption of the expected future economic benefits of the relevant assets is monitored periodically, and depreciation amount computed accordingly in line with the Accounting Standards.”
\n
\nEarlier, Anshuman Thakur, Jio’s head of strategy & planning, had told reporters on Friday that the company’s accounting is in line with the Indian Accounting Standards (Ind-AS), when Jio reported a 1.2 per cent sequential rise in its March quarter net profit to Rs 510 crore.
\n
Its numbers were preceded by market leader<\/a> Bharti Airtel<\/a> reporting its first loss in 15 years in India, followed by No 3 carrier Idea, which reported a net loss for a sixth successive quarter and onyear losses widening to Rs 930.6 crore. The older telcos were stung by continuing price wars and cuts in call termination rates.
\n
\nAnalysts aren’t too concerned about Jio’s ARPU — a key performance metric — that has shrunk sequentially in the March quarter to Rs 137 from Rs 154 following the sharp cut in its base offer to JioPhone users. If anything, they said, Jio’s earnings numbers underline the company’s focus on market expansion through its continuing pricing aggression and its readiness to take any short-term ARPU dips in its stride, which means more pain for the likes of Airtel, Idea and Vodafone India.
\n
\nSanjiv Bhasin, executive VP (markets & corporate affairs) at IIFL, said Jio’s ARPU, against Idea and Bharti’s Rs 105 and Rs 116, respectively, only “suggests the 4G newcomer’s plans are seeing strong traction both in urban markets as well as the hinterlands amid continuing price wars”.
\n
\nBut there are skeptics too.
\n
\n“Given that Jio has invested over Rs 2.5 lakh crore in the telecom business, the annual depreciation should be near about Rs 15,000 crore and the quarterly number around Rs 4,000 crore. In addition, there would be some interest costs of about Rs 1,000 crore,” said an analyst with a global brokerage who did not wish to be identified.
\n
\n“So, with as much as Rs 5,000 crore of costs below operating income, the net profit in the March quarter came as a surprise,” the analyst said.
\n
\nJio said “certain assets of the company are currently under development and therefore not depreciated, which again is clearly described in the financial statements”.
\n
\nBrokerage Kotak, on it’s part, said it had expected Jio’s ‘D&A per GB number’ to be flattish as it had assumed the company’s total production over the economic life of the assets, an important input to the UOP method, would have incorporated future capex and associated capacity expansion.
\n
\nJio also reported a 3.6 per cent on-quarter rise in revenue to Rs 7,128 crore. This was against Bharti Airtel’s 3.37 per cent fall in consolidated revenues to Rs 19,634 crore and Idea’s 5.7 per cent fall sequentially to Rs 6,137.3 crore.
\n
\n<\/h4><\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-news_link="//www.iser-br.com/news/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric/63966995">
<\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-authors="[" kalyan parbat"]" data-category-name="" data-category_id="" data-date="2018-04-30" data-index="article_1">
依赖Jio超过了竞争对手Bharti Airtel和知道细胞,连续3月季度净利润增长较高的每用户平均收入(ARPU)和语音和数据应用,但分析师们再次质疑折旧及摊销前利润(d和a)由穆克什Ambani-owned电信规范应用,说报道的数字不是同步数据量增长。
“即使工作量(UOP)方法,我们会预期Jio的d和a向广泛的在网络上的数据量消耗,但它仍然是平面连续第三个季度,”科塔克经纪机构股票在一份报告中称等。
Jio d和a的电荷是平在不到1200卢比,科塔克说,尽管“17.4%序列数据量增长”的第四财季业绩,这也反映出了“季度累计增长34%。更高的d和a电荷会削弱Jio的净利润。
分析师称Jio使用单位生产的无线网络成本方法,包括光谱和资本支出导致成本扩大网络容量利用率较高的。Bharti附近的旅馆和知道细胞使用直线法更普遍,成本降低一生的资产。
因此,Bharti附近的旅馆的和想法的d和a成本January-Mach季度4899。1卢比2085。4卢比,分别比Jio要高得多。
在一份书面回应等的查询,Jio说d和a政策下,“预期的消费模式的相关资产的预期未来经济利益是定期监测,并相应地计算折旧额符合会计准则”。
早些时候,Jio Anshuman Thakur战略与规划主管星期五对记者说,该公司的会计符合印度会计准则(Ind-AS),当Jio报道3月季度净利润环比上升1.2%至510卢比。
它的号码是之前市场的领导者
Bharti Airtel报告15年以来的首次亏损在印度,其次是3号航母的想法,六分之一连续季度净亏损和onyear损失扩大到930.6卢比。年长的电信公司都受到持续的价格战和削减在呼叫终止率。
分析师不太关心Jio ARPU——关键绩效指标,减少顺序从Rs 154年第一季度Rs 137后大幅削减其JioPhone用户提供基础。如果有的话,他们说,Jio收益数字突显出公司的关注市场通过其继续定价侵略和扩张其准备采取任何短期ARPU蘸泰然自若,这意味着更多的痛苦的喜欢Airtel想法和沃达丰印度。
执行副总裁桑吉夫•哈(市场和公司事务)IIFL,说Jio的ARPU,反对思想和Bharti的Rs 105和116卢比,分别,只有“建议4 g新人的计划看到强劲的牵引力在城市市场以及内陆地区在持续的价格战”。
但也有持怀疑态度的人。
“鉴于Jio投资了十万的2.5卢比在电信业务,每年的折旧应附近大约15000卢比,季度数量大约4000卢比。此外,会有一些利息成本约为1000卢比,分析师表示:“全球经纪不愿具名。
“所以,高达5000卢比的成本低于营业收入,净利润在3月季度之际,一个惊喜,”分析师说。
Jio说:“公司目前正在开发的某些资产,因此不贬值,这显然是所描述的财务报表”。
经纪科塔克,这是表示,预期Jio ' d和a / g数字是稍平的,因为它曾以为公司的总产量超过资产的经济生活,一个重要的微指令的输入方法,会将未来的资本支出和产能扩张有关。
Jio也公布上一季度3.6%的收入上升到7128卢比。这是与Bharti Airtel的综合收入19634卢比下降3.37%和想法。3 6137卢比的顺序下降5.7%。
Reliance Jio<\/a> has outpaced rivals Bharti Airtel<\/a> and Idea Cellular<\/a>, reporting a sequential growth in net profit in the March quarter with higher average revenue per user (ARPU) and voice and data usages, but analysts have again questioned the depreciation & amortisation (D&A) norms applied by the Mukesh Ambani-owned telco, saying the numbers are not in sync with its reported data volume growth.
\n
“Even with a unit-of-production (UOP) methodology, we would have expected Jio<\/a>’s D&A charge to broadly go up in line with data volumes consumed on the network, but it remains flat for the third consecutive quarter,” brokerage Kotak Institutional Equities said in a note ET saw.
\n
\nJio’s D&A charge is flat at just under Rs 1,200 crore, Kotak said, despite the “17.4 per cent sequential growth in data volumes” in the fiscal fourth quarter, which also reflects a whopping “cumulative 34 per cent jump over the September quarter. Higher D&A charge would have dented Jio’s net profit.
\n
Analysts say Jio uses a ‘unit of production’ method for its wireless network costs that includes spectrum and capex causing costs to scale up with higher utilisation of network capacity. Bharti Airtel<\/a> and Idea Cellular<\/a> use the more prevalent straight-line method, where costs decrease over the life of the asset.
\n
\nHence, Bharti Airtel<\/a>’s and Idea’s D&A costs in the January-Mach quarter at Rs 4,899.1 crore and Rs 2,085.4 crore, respectively, were far higher than Jio’s.
\n
\nIn a written response to ET’s queries, Jio said under its D&A policy, “The expected pattern of consumption of the expected future economic benefits of the relevant assets is monitored periodically, and depreciation amount computed accordingly in line with the Accounting Standards.”
\n
\nEarlier, Anshuman Thakur, Jio’s head of strategy & planning, had told reporters on Friday that the company’s accounting is in line with the Indian Accounting Standards (Ind-AS), when Jio reported a 1.2 per cent sequential rise in its March quarter net profit to Rs 510 crore.
\n
Its numbers were preceded by market leader<\/a> Bharti Airtel<\/a> reporting its first loss in 15 years in India, followed by No 3 carrier Idea, which reported a net loss for a sixth successive quarter and onyear losses widening to Rs 930.6 crore. The older telcos were stung by continuing price wars and cuts in call termination rates.
\n
\nAnalysts aren’t too concerned about Jio’s ARPU — a key performance metric — that has shrunk sequentially in the March quarter to Rs 137 from Rs 154 following the sharp cut in its base offer to JioPhone users. If anything, they said, Jio’s earnings numbers underline the company’s focus on market expansion through its continuing pricing aggression and its readiness to take any short-term ARPU dips in its stride, which means more pain for the likes of Airtel, Idea and Vodafone India.
\n
\nSanjiv Bhasin, executive VP (markets & corporate affairs) at IIFL, said Jio’s ARPU, against Idea and Bharti’s Rs 105 and Rs 116, respectively, only “suggests the 4G newcomer’s plans are seeing strong traction both in urban markets as well as the hinterlands amid continuing price wars”.
\n
\nBut there are skeptics too.
\n
\n“Given that Jio has invested over Rs 2.5 lakh crore in the telecom business, the annual depreciation should be near about Rs 15,000 crore and the quarterly number around Rs 4,000 crore. In addition, there would be some interest costs of about Rs 1,000 crore,” said an analyst with a global brokerage who did not wish to be identified.
\n
\n“So, with as much as Rs 5,000 crore of costs below operating income, the net profit in the March quarter came as a surprise,” the analyst said.
\n
\nJio said “certain assets of the company are currently under development and therefore not depreciated, which again is clearly described in the financial statements”.
\n
\nBrokerage Kotak, on it’s part, said it had expected Jio’s ‘D&A per GB number’ to be flattish as it had assumed the company’s total production over the economic life of the assets, an important input to the UOP method, would have incorporated future capex and associated capacity expansion.
\n
\nJio also reported a 3.6 per cent on-quarter rise in revenue to Rs 7,128 crore. This was against Bharti Airtel’s 3.37 per cent fall in consolidated revenues to Rs 19,634 crore and Idea’s 5.7 per cent fall sequentially to Rs 6,137.3 crore.
\n
\n<\/h4><\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-news_link="//www.iser-br.com/news/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric/63966995">
依赖Jio超过了竞争对手Bharti Airtel和知道细胞,连续3月季度净利润增长较高的每用户平均收入(ARPU)和语音和数据应用,但分析师们再次质疑折旧及摊销前利润(d和a)由穆克什Ambani-owned电信规范应用,说报道的数字不是同步数据量增长。“即使工作量(UOP)方法,我们会预期Jio的d和a向广泛的在网络上的数据量消耗,但它仍然是平面连续第三个季度,”科塔克经纪机构股票在一份报告中称等。
Jio d和a的电荷是平在不到1200卢比,科塔克说,尽管“17.4%序列数据量增长”的第四财季业绩,这也反映出了“季度累计增长34%。更高的d和a电荷会削弱Jio的净利润。
分析师称Jio使用单位生产的无线网络成本方法,包括光谱和资本支出导致成本扩大网络容量利用率较高的。Bharti附近的旅馆和知道细胞使用直线法更普遍,成本降低一生的资产。
因此,Bharti附近的旅馆的和想法的d和a成本January-Mach季度4899。1卢比2085。4卢比,分别比Jio要高得多。
在一份书面回应等的查询,Jio说d和a政策下,“预期的消费模式的相关资产的预期未来经济利益是定期监测,并相应地计算折旧额符合会计准则”。
早些时候,Jio Anshuman Thakur战略与规划主管星期五对记者说,该公司的会计符合印度会计准则(Ind-AS),当Jio报道3月季度净利润环比上升1.2%至510卢比。
它的号码是之前市场的领导者 Bharti Airtel报告15年以来的首次亏损在印度,其次是3号航母的想法,六分之一连续季度净亏损和onyear损失扩大到930.6卢比。年长的电信公司都受到持续的价格战和削减在呼叫终止率。
分析师不太关心Jio ARPU——关键绩效指标,减少顺序从Rs 154年第一季度Rs 137后大幅削减其JioPhone用户提供基础。如果有的话,他们说,Jio收益数字突显出公司的关注市场通过其继续定价侵略和扩张其准备采取任何短期ARPU蘸泰然自若,这意味着更多的痛苦的喜欢Airtel想法和沃达丰印度。
执行副总裁桑吉夫•哈(市场和公司事务)IIFL,说Jio的ARPU,反对思想和Bharti的Rs 105和116卢比,分别,只有“建议4 g新人的计划看到强劲的牵引力在城市市场以及内陆地区在持续的价格战”。
但也有持怀疑态度的人。
“鉴于Jio投资了十万的2.5卢比在电信业务,每年的折旧应附近大约15000卢比,季度数量大约4000卢比。此外,会有一些利息成本约为1000卢比,分析师表示:“全球经纪不愿具名。
“所以,高达5000卢比的成本低于营业收入,净利润在3月季度之际,一个惊喜,”分析师说。
Jio说:“公司目前正在开发的某些资产,因此不贬值,这显然是所描述的财务报表”。
经纪科塔克,这是表示,预期Jio ' d和a / g数字是稍平的,因为它曾以为公司的总产量超过资产的经济生活,一个重要的微指令的输入方法,会将未来的资本支出和产能扩张有关。
Jio也公布上一季度3.6%的收入上升到7128卢比。这是与Bharti Airtel的综合收入19634卢比下降3.37%和想法。3 6137卢比的顺序下降5.7%。
<\/h4><\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-news_link="//www.iser-br.com/news/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric/63966995">
<\/a><\/figure>Reliance Jio adds lustre to Reliance stock<\/a><\/h5><\/div><\/a><\/figure>Reliance Jio earns black belt once again, posts net profit of Rs 510 crore in March quarter<\/a><\/h5><\/div><\/div><\/div>
\n\n<\/body>","next_sibling":[{"msid":63966951,"title":"Airtel, Jio rival is ringing: Nod to BSNL's 4G launch on 2100 Mhz band soon","entity_type":"ARTICLE","link":"\/news\/governments-nod-for-2100-mhz-band-spectrum-for-bsnls-4g-launch-soon\/63966951","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63966995,"entity_type":"ARTICLE","title":"Reliance Jio outpaces rivals in Q4, but analysts question D&A metric","synopsis":"Analysts aren\u2019t too concerned about Jio\u2019s ARPU that has shrunk sequentially in the March quarter.","titleseo":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-30 08:50:31","lastupd":"2018-04-30 08:52:13","breadcrumbTags":["reliance jio","Jio","Airtel","market leader","Jio Q4 profits","Industry","bharti airtel","idea cellular"],"secinfo":{"seolocation":"telecomnews\/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric"}}" data-news_link="//www.iser-br.com/news/reliance-jio-outpaces-rivals-in-q4-but-analysts-question-da-metric/63966995">
<\/a><\/figure>
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