While Incumbents Bleed, Jio Net Profit Soars 65%

Reliance Jio Thursday announced 65% increment in its net profit for the third quarter ended December 31, 2018. The company clocked Rs 831 crore in net profit in Q3 as against Rs 504 crore in the same period a year ago. On QoQ basis the growth was 22% with profit of Rs 681 crore in Q2 or September quarter.

Interestingly, the incumbent telecom operators like Bharti Airtel, Vodafone Idea and BSNL are counting mammoth loses quarter over quarter.

From a revenue perspective Jio posted total sales of Rs 10,383 crore in Q3, showing a growth of 51% in the same period a year ago with Rs 6879 crore. On quarter basis, the company’s revenue in Q2, 2018 was Rs 9240 crore. showing a growth of 12.4%.

From subscriber base point of view, the company had a total subscriber base of 280 million with ARPU of Rs 130. The company added a total of 28 million subscribers in the said period.

The company witnessed total wireless data traffic of 864 crore GB during the quarter. Total voice traffic for the quarter touched 63,406 crore minutes.

The company said JioGigaFiber services for Home broadband, Entertainment, Smart Home Solutions, Wireline and Enterprise has witnessed overwhelming customer interest across 1,400 cities and the company is currently connecting homes on priority based on the requests received and optimising its service offerings.

The company had announced to acquire Den Networks and Hathway Cable in the quarter and  post completion of the transaction, Reliance and Jio will be strengthening the business model of 27,000 LCOs that are aligned with DEN and Hathway across 750 cities, by creating multiple future opportunities with new services and platforms

“The journey of Jio has been truly remarkable and has surpassed all expectations. The Jio family is now 280 million strong and growing on one of theworld’s largest mobile data networks, in line with our vision of connecting everyone and everything, everywhere – always at the highest quality and the most affordable price. We are similarly working on re-inventing the connectivity solutions market for Homes and Enterprise with our next generation FTTX services,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

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