Reliance Jio March quarter net profit jumps 64% to Rs 840 cr; subscriber base reaches 30.67 cr

New Delhi: Telecom operator Reliance Jio on Thursday reported 64.7 percent increase in its net profit to Rs 840 crore in the March quarter of 2018-19. The company had recorded net profit of Rs 510 crore in the same quarter a year ago. The operating revenue of Reliance Jio rose 55.8 percent to Rs 11,106 crore during the reported quarter, compared to Rs 7,128 crore in the corresponding period of 2017-18. [caption id=“attachment_4402725” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] For the fiscal ended 31 March, 2019, Reliance Jio posted over 4-fold jump in net profit to Rs 2,964 crore compared with Rs 723 crore in the previous fiscal. The company’s pre-tax profit for March quarter stood at Rs 2,585 crore and for the full fiscal it was Rs 8,704 crore. The operating revenue of Reliance Jio jumped 92.7 percent to Rs 38,838 crore for 2018-19, as against Rs 20,154 crore in 2017-18. Jio subscriber base at end of reported quarter stood at 30.67 crore and it registered an average revenue of Rs 126.2 per customer. “We at Jio are truly overwhelmed and proud to now serve over 300 million subscribers. Growth in data and voice traffic at this scale has been unparalleled. Jio’s network is one of the largest mobile data networks in the world carrying over 3 Exabytes of data every month at unmatched download speeds,” Reliance Industries chairman and managing director Mukesh D Amnbani said. The net subscriber addition of Jio during the reported quarter stood at 2.66 crore, while gross addition was 3.32 crore, according to a company statement. Jio claimed average data consumption per user per month stood at 10.9 GB and average voice consumption was 823 minutes. Video consumption reached over 500 crore hours per month, Jio said. The company said that it has rolled out fixed line broadband connection ‘JioGigaFiber services’ across 1,600 cities. “Post completion of the acquisitions of Den Networks Limited and Hathway Cable and Datacom Limited (now majority owned by RIL Group after the open offer process completed in last quarter of 2018-19), the go-to-market strategy is being optimised with successful test results from beta trials across the country,” the statement said. Reliance Jio said that transfer of fibre and tower assets to separate companies — Digital Fibre Infrastructure Trust and Power Infrastructure Trust — has resulted in reduction of liabilities worth Rs 1,07,000 crore during the quarter.