When all major telecom operators in India are bleeding money to match up with the disruptive tariff set by Reliance Jio, the Mukesh Ambani-led Reliance Industries telecom venture has reported a profit for the first time, since official launch back in September 2016.
In the third quarter results Q3 (FY 2017-18), Reliance Jio reported a profit of Rs 504.38 crore. That’s for the quarter ending December 2017 against a loss of Rs 271 in the previous quarter. The telcos total income shoot up to Rs 6880.65 crore, that’s about 11.9 percent increase from the previous quarter.
“Jio’s strong financial result reflects the fundamental strength of the business, significant efficiencies and right strategic initiatives. Jio has demonstrated that it can sustain its strong financial performance” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
Reliance Joins growth was further accelerated through the launch of the ‘Zero’ price JioPhone. With per GB cost going all way down to Rs 4, its subscribers continue to demonstrate higher data and voice consumption. During the quarter only Jio introduced the “triple cashback offer“, which offers customer more value with every recharge in addition to normal benefits of the recharge pack.
This post was last modified on January 19, 2018 11:01 pm