Reliance Jio, the telecom division of the Mukesh Ambani-led Reliance Industries conglomerate, announced a 28.1 per cent increase in profit to Rs 4,518 crore on Friday in the September quarter as a result of higher subscriber growth.
That is a solid start for Mukesh Ambani’s son Akash Ambani, who succeeded the Indian billionaire as chairman of Jio in late June.
Akash Ambani, a non-executive director at Reliance Jio, was appointed chairman of the board of directors after Mukesh Ambani resigned from the board.
In a regulatory filing, India’s biggest telecom carrier by subscribers said its net profit stood at Rs 3,528 crore in the same previous fiscal period.
The revenue from operations jumped 20.2 per cent to Rs 22,521 crore for the just-ended quarter, from Rs 18,735 crore in the year-ago period.
The Q2 scorecard coincides with network rollouts for 5G services across the nation, the much-discussed next-generation technology that is expected to usher in a new era of accelerated speeds, lag-free connectivity, and cutting-edge applications in India, the second-largest smartphone market in the world after China.
Jio stated earlier this month that a select group of users would participate in the beta testing of its 5G services beginning on October 5 in four cities: Delhi, Mumbai, Kolkata, and Varanasi.
Reliance Jio surpassed state-run BSNL, which has 7.1 million subscribers, to become the largest wireline player, according to figures from the Telecom Regulatory Authority of India (TRAI) issued on Tuesday.
The telecom firm also added 32.8 lakh new subscribers in August, according to TRAI data, while Bharti Airtel added 3.2 lakh and Vodafone Idea lost 19.6 lakh.