- Reliance Jio for the first time left Vodafone Idea behind in terms of users. Jio with a subscriber base of more than 331.3 million, surpassing Vodafone-Idea Merger.
- Reliance has invested more than Rs. 2.5 trillion in building mobile and broadband infrastructure across the country.
- Reliance Jio posted a net profit of Rs891 crore for the fiscal first quarter, compared with Rs840 crore in the January-March period.
Reliance Jio has crowned the number one telecom operator in terms of revenue. Bharti Airtel Ltd posted a consolidated net loss of₹2,866 crore in the fiscal-first quarter, against a net profit of₹97 crore in the same period last year The Mukesh Ambani-controlled company, which has upended the market since its entry in September 2016 with cheap mobile Internet services, posted a net profit of Rs891 crore for the fiscal first quarter, compared with Rs840 crore in the January-March period.
With Airtel’s revenue is expected to be below that of Reliance Jio, Mukesh Ambani the richest Indian will achieve a rare feat with his telecom company taking the top spot in the market with just 3 years of operations.
Recently, last week, Jio for the first time left Vodafone Idea behind in terms of users. Jio with a subscriber base of more than 331.3 million, surpassed Vodafone-Idea Merger which on July 26 reported a decline in its user base to 320 million by June 2019.
In the last quarter, Airtel’s India mobile business generated Rs. 10,632 crore. It is expected that the revenue of Airtel India will grow just 1-2 percent sequentially in the June quarter.
Source- Jio
ICICI Securities earlier reported on 8th July that Indian wireless revenues for Airtel are expected to grow 1.7 percent quarter-on-quarter to Rs. 10,810 crore.
Motilal Oswal was also expecting Airtel’s India wireless revenue to grow by a mere 1.1 percent sequentially to Rs. 10,750 crore.
Jio entered the telecom sector in September 2016 as a challenger to big giants with cheap data plans and affordable handsets which resulted in an unexpected rise in smartphone and internet users in the country with an average user consuming 11 GB data per month.
These last 3 years saw monumental changes and disruption in the telecom market. It includes shrinking revenue streams, bankruptcy, mergers, and consolidation.
Mukesh Ambani in last year’s annual general meeting said that digital platforms were becoming the new-age factories and that Reliance was embarking on a golden decade.
Ambani said, “As the golden decade rolls on, our consumer businesses will contribute nearly as much to the overall earnings of the company as our energy and petrochemical businesses,”.
“As the golden decade rolls on, our consumer businesses will contribute nearly as much to the overall earnings of the company as our energy and petrochemical businesses,” he said on 5 July last year.
Reliance has invested more than Rs. 2.5 trillion in building mobile and broadband infrastructure across the country.
