The newest telecom company Reliance Jio backed by India’s richest person Mukesh Ambani turned profitable in the third quarter of the financial year 2017-2018. Reliance Jio Infocomm Ltd reported its first-ever net profit of Rs 504 crore for the three-month period from October-December 2017, its second quarter of the commercial operations. In the July-September quarter of 2017-2018, Reliance Jio incurred a loss of Rs 271 crore. Reliance Jio’s total subscriber base stood at 16.01 crore as on 31 December 2017.
“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,” Mukesh Dhirubhai Ambani, Chairman and Managing Director, Reliance Industries Ltd.
“I am happy to share record-setting consolidated quarterly earnings to mark the 40th anniversary of Reliance’s listing in January 1978. Fittingly, this quarter marks the culmination of our petrochemical expansion projects and the first positive net profit contribution from our newest business line – Digital Services,” said Mukesh Ambani said further.
We take a look at Q3 performances of Bharti Airtel vs Reliance Jio at glance
|Parameter||Bharti Airtel||Reliance Jio|
|Total Revenue (Rs crore)1||20,319||6,879|
|Net Profit (Rs crore)1||306||504|
|ARPU (Rs per user)2||123||154|
|Total Customers (crore)2||29||16|
|Wireless Data Traffic (billion GB)2||1.1||4.3|
- Airtel’s total revenue, net profit are on a consolidated basis and include India, South Asia and Africa figures, while Reliance Jio figures are on a standalone basis.
- ARPU (Average Revenue Per User), Total Customers and Wireless Data Traffic pertain to India mobile subscribers only. Bharti Airtel reported India mobile Wireless Data Traffic of 1,106 billion MBs in December quarter, which roughly translates to 1.1 billion GBs.
Mukesh Ambani forayed into telecom business with his flagship company Reliance Jio in a highly-competitive telecom sector in September 2016 with a six-month promotional offer of free voice and data, a strategy that helped it mobilise millions of users.
“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, Mukesh Ambani added.