Reliance Jio Q1 Net Profit Rises 45.6% To Rs 891 Crore, Wait For JioGigaFiber Continues

Reliance Jio, the telecom unit of Reliance Industries, posted a net profit of Rs 891 crore in the quarter ended June 30, 2019. The telecom disruptor saw its net profit rise 45.6 percent on an annual basis during the quarter under review, the company claimed. Reliance Jio had posted a net profit of Rs 612 crore during the corresponding quarter of the last financial year.

Reliance Jio reported revenue from operation to the tune of Rs 11,695 crore during the June quarter of FY20. The figure saw a rise of 44.02 percent from Rs 8,110 crore reported during the same period during last fiscal.

Reliance Jio saw its EBITDA rise 49 percent year-on-year (YoY) during the June quarter of FY20 to Rs 4,686 crore. The EBITDA margin of the company was at 40.1 percent during the first quarter of the ongoing fiscal.

In a statement, Reliance Jio claimed net addition of 24.5 million users to its subscriber base during Q1 FY20. As on June 30, 2019, the total subscriber base of Reliance Jio stood at 331.3 million during the quarter. The company claimed that customer engagement improved with higher data usage of 11.4 GB per user per month and VoLTE voice consumption per subscriber at 821 minutes per month. The company reported its average revenue per user (ARPU) for the June quarter at Rs 122.

“In less than two years of commercial operations, Jio network carried almost 11 Exabytes of data traffic during the recently concluded fiscal quarter. Jio management is focused on giving unmatched digital experience at most affordable price to every citizen of the country, and accordingly expanding the network capacity and coverage to keep pace with demand,” Reliance Industries Chairman Mukesh Ambani said.

Regarding its much-hyped fiber-to-the-home services, Reliance Jio said that the beta testing for the same is in final stage and the initial signs have been encouraging. The company also said that enterprises services are also being rolled out gradually.

“Jio has started connecting Enterprises with its next-gen connectivity solutions on the back of its extensive fiber network across the country. Beta trials of JioGigaFiber services have been very successful and the entire bouquet of smart home solutions would soon be rolled out to targeted 50 million households and beyond,” Ambani further added.―Business Today