Mukesh Ambani’s Reliance Jio clocks in Rs 891 crore net profit

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Updated: July 19, 2019 7:08:12 PM

Reliance Jio’s Q1 revenue stands at Rs 11,679 crore.

Reliance Jio has posted its Q1 results on Friday.

Mukesh Ambani’s Reliance Jio, the telecom arm of Reliance Industries, has posted a net profit of Rs 891 crore, a single-digit increase by over 6% compared to the last corresponding period, the company announced in a statement. Reliance Jio’s Q1 revenue stands at Rs 11,679 crore. The company has also posted an EBITDA margin at 40.1% against 39% on a quarterly basis. Reliance Jio’s EBITDA is at Rs 4,686 crore.

The subsidiary of Mukesh Ambani’s RIL is also generating Average revenue per user at Rs 122 and it has also expanded its subscriber base to over 33 crore. Reliance Jio has also revealed data consumption record. While over 1,090 Gb data was consumed in Q1FY20, per capita usage stood at 11.4 GB/ month. Also, 821 minutes of VOLTE voice per user was consumed every month. The Mukesh Ambani company also said that it attracting about 11 million subscribers every month.  However, other major telecom companies have been on a subscriber base losing spree for some months now. 

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said that Jio’s mobility services growth has surpassed all expectations. “In less than two years of commercial operations, Jio network carried almost 11 Exabytes of data traffic during the recently concluded fiscal quarter,” he added.

Announcing Jio the proposed roll-out of next-gen connectivity solutions aided by JioGigaFiber, the company said that it is targetting 50 million households and beyond for the project. The company plans to launch the entire bouquet of smart home solutions.

Meanwhile, Reliance Jio has dethroned Sunil Mittal’s Bharti Airtel as the second-largest telecom operator in India, according to TRAI’s data. Reliance Jio now has over 33 crore subscribers and 27.80% market share of the domestic telecom market for the month of May. The comparatively new entrant in the Indian telecom industry disrupted data consumption in the country with highly competitive prices. The Mukesh Ambani’s telecom company has employed over 1 million retailers for customer acquisition and selling prepaid recharges, on a pan-India level.

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