Reliance Jio posts net profit of Rs 840 crore in Q4 FY19, to focus on GigaFiber

Reliance Jio reported a standalone profit of Rs 840 crore for the quarter ended March 31, 2019. As per the Reliance Jio earnings released on Thursday, the telecom arm of Reliance Industries saw its net profit jump 64.7 per cent as compared to Rs 510 crore reported for the corresponding period in the previous fiscal. On a quarterly basis, Reliance Jio posted an increase of 1.1 per cent as opposed to Rs 831 crore seen at the end of December quarter this fiscal.

The net profit for the financial year 2018-19 was Rs 2,964 crore, Reliance Jio said in regulatory filing on Thursday. The company had posted a net profit of Rs 723 crore during 2017-18, amounting to an increase of 310 per cent.

The standalone revenue from operations of Reliance Jio for the March quarter of FY 2018-19 was Rs 11,109 crore, in comparison to Rs 10,383 crore in the December quarter of the same fiscal. This translates into a 7 per cent quarter-on-quarter increase.

ALSO READ: Reliance Industries Q4 net profit surges 9.8% to Rs 10,362 crore, revenue jumps 19.4%

"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. Jio mobility services along with GigaFiber fixed-broadband services and associated technology platforms have been designed to transform India with the power of Digital Revolution and reinvent Reliance as a Technology Platform Company," Reliance Industries Chairman Mukesh Ambani said.

Reliance Jio reported steady growth in subscribers with net addition of 26.6 million during the March quarter. The total subscriber base, as on March 31, 2019, was at 306.7 million, the telecom company said in its statement.

ALSO READ: Saudi Aramco in talks to acquire 25% stake in Reliance Industries' refining, petrochemical business

The gross addition in subscriber base inched up after moderate disruption during the previous quarter due to transition to the KYC process, Reliance Jio said. The monthly churn rate stayed below the industry average of 0.75 per cent per month, the company further added.

"Customer engagement was healthy with average data consumption per user per month of 10.9 GB and average voice consumption of 823 minutes per user per month. Video consumption drove most of the usage, increasing to over 500 crore hours per month," Reliance Jio said in the statement.

ALSO READ: Pricing recovery in telecom likely from second half of FY'20, says Edelweiss