Mukesh Ambani-owned Reliance Jio said that Jio turned profitable in the very first year of operations.
"More subscribers were added to Jio's network in the last year than all other operators combined. Equally important, Jio turned profitable in the very first year of operations. Jio earned a net profit of ₹723 crore on the turnover of ₹23,714 crore in its first year of commercial operations," Reliance Industries Limited (RIL), parent firm of Jio, said in its annual report.
It said: Jio continued with its strong subscriber growth, with 186.6 million customers at the end of March 2018, and the lowest churn in the industry at 0.25 percent per month. Each Jio subscriber on an average consumes 9.7 GB data, 716 minutes of voice calls, and 13.8 hours of video per month.
Meanwhile, the company is looking at covering 99 percent of India's population by the end of the current fiscal.
"Our new-age consumer businesses achieved leadership positions nationally - their growth rates outpacing the best in the world. Jio, now the world's largest and fastest growing mobile data network, stunned the world and made us proud by turning profitable in the very first year of operations," RIL Chairman and Managing Director Mukesh Ambani said.
He added that from a mere 2 percent in FY 2016-17, Jio and Retail accounted for 13.1 percent of RIL's consolidated segment EBITDA in FY 2017-18.
"This was achieved notwithstanding a sharp 33.6 percent spurt in consolidated EBITDA to Rs 74,184 crore," Ambani said.
The report further pointed out that the Company continues to make progress in delivering enterprise solutions, FTTH and IOT, with beta trials initiated in a few locations. These services are being offered using the existing integrated network and platforms.