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Reliance Jio reports 65% jump in net profit to Rs. 831 crore in Q3

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Telecom services provider Reliance Jio Infocomm Limited (RJIL), a subsidiary of Reliance Industries Limited (RIL), today reported a 65 percent rise in its net profit to Rs. 831 crore in the third quarter (Q3), ended December 31, 2018, from Rs. 504 crore in the same month of the previous financial year.
 
In the financial results for Q3 released today, the company said its standalone revenue from operations rose 50.9% increase to Rs. 10,383 crore as against Rs. 8,114 crore in the corresponding quarter of the previous fiscal.
 
The company said sustained market share gains over the past six quarters had helped it achieve quarterly operating revenue of over Rs. 10,000 crore within six quarters of commercial operations.
 
“Robust operational efficiency is reflected in industry leading EBITDA margin of 39% which has driven the reported EBITDA over Rs. 4,000 crore during the quarter,” it said.
 
A press release from Jio said its subscriber base stood at 280.1 million as on December 31, 2018, with the lowest churn in the industry at 0.61%.
 
Total wireless data traffic during the quarter was 864 crore GB and total voice traffic during Q3 of 63,406 crore minutes, it said.
 
“The journey of Jio has been truly remarkable and has surpassed all expectations. The Jio family is now 280 million strong and growing on one of the world’s largest mobile data networks, in line with our vision of connecting everyone and everything, everywhere – always at the highest quality and the most affordable price. We are similarly working on re-inventing the connectivity solutions market for Homes and Enterprise with our next generation FTTX services,” RIL Chairman and Managing Director Mukesh D. Ambani said.
 
“Our relentless focus is on creating platforms to truly transform the digital life of every citizen of India across connectivity, commerce, media and entertainment, financial services, agriculture, education and healthcare, which will further enhance productivity and economic prospects of our nation,” he added.
 
The company said it had sustained its pace of underlying subscriber additions with net addition during the quarter of 27.9 million (as against previous four-quarter average of 28.4 million). 
 
“Customer engagement stayed healthy with average data consumption per user per month of 10.8 GB and average voice consumption of 794 minutes per user per month. Video consumption drove most of the usage, increasing to 460 crore hours per month,” it said.
 
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The release said expansion of Jio’s all-IP 4G LTE network coverage to 99% of population is on track and will be completed over the next few months.
 
It said Jio was the only network to deploy tri-band (850MHz/ 1800MHz/ 2300MHz) 4G across all its network sites.
 
It said Jio was the world’s largest VOLTE network, supporting 2x traffic growth over the past year and maintaining experience (lowest call drop rate at 0.12%), It was ranked the fastest network over last 23 months by TRAI’s MySpeed Analytics app (average download speed of 18.7 Mbps during December 2018, as per TRAI), the release said.
 
The company said it proposed to transfer its fibre undertaking and its tower undertaking to separate companies, through a Scheme of Arrangement. RJIL will enter into arrangements for long-term uninterrupted use of these assets.
 
The release said RJIL’s JioGigaFiber services for Home broadband, Entertainment, Smart Home Solutions, Wireline and Enterprise has witnessed overwhelming customer interest across 1,400 cities.
 
“Jio is currently connecting homes on priority based on the requests received and optimising its service offerings,” it said.
 
The release said RIL, parent of RJIL, was awaiting regulatory approvals to complete the recently announced investment in Den Networks Limited and Hathway Cable and Datacom Limited. Post completion of the transaction, Reliance and Jio will be strengthening the business model of 27,000 LCOs that are aligned with DEN and Hathway across 750 cities, by creating multiple future opportunities with new services and platforms, it said.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

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