Reliance Jio post a net profit of Rs 510 crore in Q4

Mukesh Ambani owned Reliance Jio today posted a net profit of Rs 510 crore in the quarter ended March compared to Rs 504 crore in the previous three months.

"Jio has continued its strong subscriber growth trend with net addition during the quarter of 26.5 million (as against 21.5 million in the previous quarter). Gross adds at 27.9 million and churn of only 1.4 million implying the lowest industry churn rate at 0.25 percent per month," the telco said.

"The strong financial results of Jio in a competitive market environment demonstrates the robustness of the Jio business model and ability to offer the most value to our customers and partners. Jio has demonstrated that it can scale and sustain its strong financial performance," Mukesh D. Ambani, Chairman, and Managing Director Reliance Industries Limited said.

The standalone revenue from operation came in 3.6 percent higher quarter-on-quarter to Rs 7,128 crore as against Rs 6,879 crore in the third quarter.

The company posted its annual maiden profit of Rs 723 crore for the fiscal year 2017-18 while its revenue from operations stood at Rs 20,154 crore.

Jio said that its subscribers continue to demonstrate high activity level with average data consumption per user per month of 9.7 GB and average voice consumption of 716 minutes per user per month while video consumption is at over 240 crore hours per month on the network.

He said "A full-blown social, mobile and digital revolution is underway across the world, and I am glad that India is not being left behind in any way with the advent of Jio. Everyone at Jio is today proud to have played a pivotal role in transforming the digital landscape of this country and empowering millions of Indians with all the leading digital tools and skills. Jio is offering the "power of data" to each Indian to fulfill every dream and to collectively take India to Global Digital Leadership."

Jio continues to be the most popular wireless broadband service provider in the country with its subscriber base increasing from 160.1 million as of 31-December-2017 to 186.6 million as of 31-March-2018.

Net subscriber addition for the Company during the year 2017-18 was at 83 million, which was the highest in the industry by a substantial margin.

Earlier this week, India's largest telecom operator Bharti Airtel posted about 77.79 percent drop in its consolidated net profit at Rs 82.90 crore for the quarter ending March 2018 due to the reduction in international termination rates.

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The consolidated revenues for Q4'18 dropped by 10.5 percent to Rs 19,634 crore compared to Rs 21,935 crore in the corresponding period last financial year.