Reliance Jio Infocomm, which offers telecom services under brand Jio, on Friday posted a standalone profit of Rs 612 crore for the April-June period. That marked a 20 per cent month-on-month increase in net profit and the third straight profitable quarter for Reliance Jio, the telecom arm of energy conglomerate Reliance Industries. Reliance Jio said growth in subscriber additions and higher data usage led to strong financial performance. Reliance Jio Infocomm had reported a standalone net profit of Rs 510 crore for the January-March quarter. Reliance Jio doubled its customer base and most user metrics in the last 12 months, Reliance Industries chairman Mukesh Ambani said.
Reliance Jio said its subscriber base was at 215.3 million as of June 30, 2018. The telecom company said it registered the highest net addition to subscriber base in any quarter since the launch of commercial services. Reliance Jio started commercial operations in 2016.
Reliance Jio said it saw net addition of 28.7 million to its subscriber base during the quarter, as against 26.5 million in the previous quarter. It said customer activity grew substantially in the April-June period with average data consumption per user per month of 10.6 GB and average voice consumption of 744 minutes per user per month. (Also read: What Jio Monsoon Hungama exchange offer means for you)
Here's what billionaire Mukesh Ambani said on Reliance Jio earnings:
Jio continues on its path to drive digital revolution in India. We doubled our customer base and most user metrics in the last 12 months. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world. Jio has built an ecosystem for digital services and its affordable and simplified pricing strategy offers every Indian a chance to experience the "power of data". FTTH and Enterprise services with strong fibre backbone across the country would further establish Jio's leadership as a digital services provider.
The continued strength in financial results of Jio despite competitive intensity reinforces the customer uptake of its services and its strong operating leverage. Jio is committed to offering most value to all of its stakeholders.
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