Reliance Jio has reported profit of Rs 504 crore in Q3

Reliance Jio posted standalone revenue from operations of Rs 6,879 crore (11.9 percent over trailing quarter)

By Priyanka
|

Mukesh Ambani owned Reliance Jio has reported the profit of Rs 504 crore for the October December quarter from a loss of Rs 271 crore in the second quarter.

 
Reliance Jio has reported profit of Rs 504 crore in Q3

Mukesh D. Ambani, Chairman, and Managing Director, Reliance Industries Limited said: " Jio's strong financial result reflects the fundamental strength of the business, significant efficiencies, and right strategic initiatives. Jio has demonstrated that it can sustain its strong financial performance."

He said, "I would like to thank all our customers for partnering with us in this revolution which has made India a global digital powerhouse. I congratulate all our employees and partners for the strong performance. Our commitment is to keep pushing newer innovative products which would radically transform customer lives and generate huge societal value."

The telco posted standalone revenue from operations of Rs 6,879 crore (11.9 percent over trailing quarter) and EBITDA of Rs 2,628 crore (82.1 percent over trailing quarter).

Jio said that its consolidated value of services stood at Rs 8,136 crore, up 12.8 percent over trailing quarter and consolidated EBIT stood at Rs 1,441 crore, up 452.1 percent over trailing quarter.

Jio's average revenue per user (ARPU) stood at Rs 154, even as Bharti Airtel's ARPU declined to Rs 123 during the same period.

The company further said that it had continued its strong subscriber growth trend with gross adds during the quarter of 27.8 million as against 19.5 million in the trailing quarter. Its net additions for the quarter stood at 21.5 million versus 15.3 million in the trailing quarter.

Video consumption has crossed 200 crore hours per month on the network, while customer churn stood at 1.4 percent per month, which is the lowest in the industry.

 

Furthermore, Jio subscribers continue to demonstrate high activity level with average data consumption per user per month of 9.6 GB and average voice consumption of 694 minutes per user per month; these are both highest in the industry and substantially higher than other operators.

The telco also pointed out that it has been rated India's fastest network as per TRAI's MySpeed application continuously over the last 11 months. As per the most recent results on TRAI's MySpeed application, the average download speed on Jio network was at 21.8 Mbps, more than twice the network speed available on any other network.

Meanwhile the telco has partnered with with the Linux Foundation and Cisco Systems to host India Digital Open Summit at the Reliance Corporate Park campus in Mumbai on January 19 where the company's Director and Board Member Akash Ambani said that Reliance Jio is committed to contribute and use Open Source technologies to better its consumer experience.

He said "Open Source is very important for Jio - being both a contributor and utilising it for our business needs. Every day people when people use an LYF device, Jio Phone or Jio Application - their lives are enriched through the technologies enabled with Open source."

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