Reliance Jio posts record in telecom sector – Find details

jio news update

Reliance Industries has posted a record quarterly net profit of Rs 11,640 crore as a turnaround in oil refining business coupled with the continued rise in the share of its consumer businesses of retail and telecom countered lower profitability in petrochemicals.

The oil-to-telecom conglomerate, which is led by Mukesh Ambani, reported a net profit of Rs 11,640 crore, or Rs 18.4 per share, in October-December, up from Rs 10,251 crore, or Rs 17.3 a share, in the same period of the previous financial year, the company informed in a statement.

Statement released by company:

This is the highest quarterly net profit earned by any private company, surpassing its own previous best of Rs 11,262 crore in the July-September 2019 period.

As per this report, Indian Oil Corp (IOC) has posted the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013. However, the consolidated revenue dropped 1.4% to Rs 168,858 crore in the third quarter of 2019-20.

Jio has already crossed Rs 5,600 crore quarterly EBITDA for the first time and there was a 40% data traffic growth and 30% voice growth year on year, as per the statement of the company.

As far as the rivals are concerned, Airtel’s Arpu fell to ₹128 in the September quarter from ₹129 in the June quarter. Vodafone Idea’s Arpu for September quarter was ₹107.

Vodafone Idea’s loss during the September quarter was recorded at ₹50,922 crore—the highest in India’s corporate history. Also, Airtel reported its highest quarterly loss in 14 years at ₹23,045 crores in the quarter ended September.

Reliance Jio has taken the number one spot in the telecom sector in India – both subscriber base as well as revenue market share, achieving the feat in just over three years of starting operations.

Jio added 5.6 million mobile subscribers in November and this took the total user base to 369.93 million. It replaced Vodafone Idea as the country’s largest mobile services provider by subscribers.

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