Reliance Jio turns corner, posts net profit of Rs 504 crore in Q3; had recorded Rs 271 cr loss in Q2
Mukesh Ambani said Reliance Jio's strong financial result reflects fundamental strength of the business, significant efficiencies
Mumbai: Reliance Jio, subsidiary of Reliance Industries Limited (RIL), posted net profit of Rs 504 crore for the third quarter of the current fiscal, a company statement said here on Friday. Operational revenue for the third quarter was Rs 6,879 crore. The company had posted a loss of Rs 271 crore during the second quarter in 2017-18.
"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," said Mukesh D. Ambani, Chairman and Managing Director of RIL.
"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," he added.
Jio's subscriber base as on December 31, 2017 was 160.1 million, the company said. The company is getting average revenue per user of Rs 154 per month, the statement added. During the third quarter it had received total voice traffic of 31,113 crore minutes, the statement added.
(Disclosure: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)