NEW DELHI: Billionaire Mukesh Ambani-owned Reliance Jio’s net profit increased 62% to Rs 1,360 crore, in the quarter ended December 31, 2019, and posted overall revenue of Rs 16,517 crore during the quarter with as many as 370 million subscribers.
Jio continued its dominance with a 32.04% market share followed by Vodafone Idea’s 29.12% in November, according to the statistics revealed by the sectoral regulator.
Friday, the Mumbai-headquartered telco in a statement said that net profit increased by 63.1% to Rs 1,360 crore, and revenue increased by 28.2% to Rs 16,517 crore.
However, the monthly average revenue per user (ARPU) declined to Rs 128.40 during the quarter.
Telecom business of Reliance Industries has now become the second-largest single-country operator globally with its subscriber base increasing to 370 million as of December 31, 2019, the company claimed.
“Jio has continued on its unprecedented growth journey receiving overwhelming customer response for best in class mobile connectivity services,” Mukesh D Ambani, Chairman & Managing Director of Reliance Industries said.
Jio launched commercial fourth-generation or 4G services in September 2016, and on the back of freebies, followed by lucrative data plans, have now become India’s market leader.
Further, Ambani added that Jio was also determined to redefine the wireline infrastructure, home entertainment and enterprise market in India with its FTTx services which bundle best-in-class connectivity with a bouquet of digital content and services.
The process of converting the initial test users for fiber-to-the-home (FTTH) services to paid-plans and ramping up sales across 1600 cities is underway, according to India’s telecom giant.
The telecom arm of the oil-to-retail conglomerate also seeks a mega disruption in the country’s wireline broadband market which continues to be underpenetrated.