Reliance Jio's standalone Q1 net profit up 45.6%

Telecom major Reliance Jio Infocomm, on Friday reported a 45.6 per cent increase in its standalone net profit for the quarter-ended June 30 of the financial year 2019-20, on an year-on-year basis.

Accordingly, the standalone net profit for the first quarter (Q1) of the current fiscal rose to Rs 891 crore, up from Rs 612 crore reported during FY 2018-19.

The company reported a standalone revenue from operations of Rs 11,679 crore during the quarter under review, 44 per cent higher from Rs 8,109 crore during the same quarter of the previous fiscal.

As on June 30, 2019, subscriber base of the company stood at 331.3 million, adding that the Average Revenue Per User (ARPU) during the quarter ended June 30 was Rs 122.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Growth in Jio mobility services has continued to surpass all expectations. In less than two years of commercial operations, Jio network carried almost 11 Exabytes of data traffic during the recently concluded fiscal quarter."

"Jio management is focused on giving unmatched digital experience at most affordable price to every citizen of the country, and accordingly expanding the network capacity and coverage to keep pace with demand."

According to Ambani, Jio has started connecting enterprises with its next-gen connectivity solutions on the back of its extensive fiber network across the country. 

"Beta trials of JioGigaFiber services have been very successful and the entire bouquet of smart home solutions would soon be rolled out to targeted 50 million households and beyond," Ambani said.

"Jio is committed to power the Digital Revolution in India through its technology platforms across communication, entertainment, commerce, financial services, education, healthcare, agriculture and beyond." IANS