Reliance Jio crosses 355 million subscribers, net profit up 45.3 pc
India's fastest-growing 4G network Reliance Jio posted a net profit of Rs 990 crore for the September quarter, a 45.3 percent growth from year-ago. Revenue increased 33.7 percent year-on-year to Rs 12,354 crore.
In these 12 months, Jio added 103 million subscribers to its network, with a churn rate of 0.74 percent, which is below the industry average.
Jio's total subscriber base now stands at 355.2 million, covering 99 percent of India's population, Reliance revealed.
Its wireless data traffic increased nearly 56 percent during the quarter, reaching 1,202 crore GB of consumption. Jio users on an average consume 11.7 GB of data per month, while average voice consumption stood at 789 minutes per user per month. "Customer engagement continues to surprise positively," Reliance said in a statement.
The company further revealed that in the past two years, Jio has witnessed more than 3x increase in voice and data traffic. This is driven by its "deeper 4G network presence and affordable tariffs" that continue to attract first-time mobile internet users.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said,
"We are still adding more than 10 million new customers every month. Jio is not only India’s largest telecom enterprise in terms of subscribers and revenue but has also become the Digital Gateway of India."
Besides offering 4G connectivity on mobile phones, Jio is now expanding its services across home broadband, enterprise services, small and medium businesses, and the Internet of Things (IoT).
"This along with digital platforms and solutions across blockchain, edge computing, artificial intelligence, and cloud infrastructure, which have been developed by a strong talent pool within the Reliance Group, would transform India into an AI-first economy across all sectors," Ambani added.
Earlier, in August, Reliance rolled out JioFiber, its ambitious broadband and home entertainment service.
The JioFiber roll-out is expected to be completed by next September and will reach 20 million Indian households and 15 million business establishments in 1,600 towns.
JioFiber offers a slew of benefits including lifetime free voice calls from landline phones, multi-party video-conferencing, voice-enabled virtual assistants, high-speed broadband internet, HD TV channels through a 4K set-top box, a console-like interactive gaming experience, and more.
(Edited by Suman Singh)