Reliance Industries Limited, the parent company of Reliance Jio today released its telecom arm’s financial results for the quarter that ended on September 30, 2018. During the quarter, Jio reported a standalone net profit of Rs 681 crore and the company posted a net loss of Rs 271 crore during the same period a year ago. On a quarterly basis, its profit grew around 11% from Rs 612 crore in the April-June period. The average revenue per user (ARPU), however, declined to Rs 131.7 as compared to Rs 134.5 in the previous quarter. But, its impact was mitigated by growth volume of new customers that on-boarded its network during the reported quarter and higher usage of services on its network.
Jio’s Customer Base Reaches All-Time High to 252.3 Million
“Jio has accelerated its pace of subscriber additions further with net addition during the quarter of 37 million (as against 28.7 million in the previous quarter), highest in any quarter since the launch of commercial services,” the company said. The value of services sold by Jio grew 51.5% to Rs 10,901 crore in July-September 2018 period from Rs 7,197 crore in the same quarter a year ago.
“We, at Jio, are glad with our progress towards our mission with more than 250 million subscribers on our network within 25 months of commencement of services. We have enabled our customers to adopt the digital life, with record consumption of data and use of digital services,” RIL Chairman and Managing Director Mukesh Ambani said in a statement.
Customer Usage Insights During Q2 FY19
The average data usage grew to 11 GB per user per month and average voice consumption of 761 minutes per user per month during the reported quarter compared to 10.6 GB data consumption and 744 minutes per user a month reported in April-June 2018 quarter. The company is now looking to foray into optical fibre-based broadband services in the country and accordingly announced Rs 5,230 crore majority stake acquisition plan in two fixed-line broadband firms — Den Networks and Hathway Cable.
The company announced to acquire a 66% stake in Den Networks for Rs 2,290 crore and 51.3% in Hathway Cable for Rs 2,940 crore. “Our next generation FTTH and enterprise services are now being made available to our customers to further enhance our value proposition to our customers,” Ambani said.
Arpit spends his day closely following the telecom and tech industry. A music connoisseur and a night owl, he also takes a deep interest in the Indian technology start-up scene and spends rest of his time spilling poetry and stories on paper.