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Reliance Jio Posts Record Rs 840 Crore Profit For Fourth Quarter Of FY19; A 65 Per Cent Jump From Last Year
Mukesh Ambani owned RIL has created seven subsidiaries, which will help Reliance Jio efficiently manage the content and telecom business with their various segments. (Photo by Manoj Patil/Hindustan Times via Getty Images)
Reliance Jio Infocomm, telecom subsidiary of Mukesh Ambani’s Reliance Industries has posted a profit of Rs 840 crore for the fourth quarter of FY19, which is a 64.7 per cent jump from Rs 510 crore profit same time last year.
The telecom major with 306.70 million subscribers base also saw its profits for the full fiscal rocketing 310 per cent to Rs 2,964 crore as against Rs 723 for FY18.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries speaking to Economic Times, said: “Growth in data and voice traffic at this scale has been unparalleled. After successful execution of mobility business, Jio is now focused on catapulting India’s underserved home and enterprise connectivity market to global standards with its next generation FTTX services.”
The company also saw its operating revenue jump 55.80 per cent year on year and 7 per cent quarter on quarter to Rs 11,106 crore for the quarter under review.
Interestingly the average revenue per user (ARPU) for Jio during the quarter was Rs 126.2 against an estimated Rs 129.
Reliance Jio added a total of 77.93 lakh new customers till February, and BSNL added 9 lakh customer while the rest of the telecom operators jointly lost a net of 69.93 lakh wireless customers with Vodafone Idea losing the biggest chunk of connections.
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