Telecom operator Reliance Jio on Thursday reported a jump of 65 per cent in its net profit to Rs 831 crore during the December 2018 quarter,mainly on account of a rise in customer base. The company had recorded a net profit of Rs 681 crore in the corresponding period a year ago.
While average revenue per user of Reliance Jio continued to decline, the impact seems to have mitigated with a sharp increase in customer base to 28 crore by the end of December, from 16 crore in the year-ago period.
“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,” Mukesh D Ambani, chairman and managing director, Reliance Industries Ltd.
The operating revenue of Reliance Jio increased by 50.9 per cent to Rs 10,383 crore during the October-December 2018 period, compared with the Rs 6,879 crore it registered in the corresponding period a year ago.
Meanwhile, the parent company, Reliance Industries Ltd on Thursday reported an 8.8 per cent rise in its October-December quarter net profit at Rs 10,251 crore compared to the year-ago quarter. RIL is the first Indian private company to post Rs 10,000 crore profit in a quarter.
Its revenue rose by 56 per cent to Rs 171,336 crore in the third quarter of the current financial year, the company said in a statement.