Reliance Jio's Q3 profit grows 65%

21 Jan 2019
00:00

India's Reliance Jio Infocomm has reported a 65% increase in net profit for the three months ending in December as a result of strong growth in subscribers and data usage.

The operator reported a profit for its fiscal third quarter of 8.31 billion rupees ($116.64 million), on the back of a 50.9% increase in operating revenues to 103.83 billion rupees.

Jio's total customer base grew to 280.1 million as of the end of December, and the company is on track to cross the 300 million mark by the end of the financial year.

Meanwhile, the operator has announced it is on track to reach 99% population coverage with its 4G network within the next few months.

Total wireless data traffic for the quarter grew to 8.64 billion gigabytes, with video consumption increasing to 4.6 billion hours per month, according to the company.

Reliance Jio's parent company Reliance Industries recently announced plans to spin off the company’s tower and fiber assets into a separate company in order to reduce debt and improve the company's balance sheet. The spinoff is being timed to coincide with the completion of the rollout of the operator's pan-India 4G network.

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