Jio Adds 24mn Users in First Three Months of 2020, Annual Profit Soars by 177%

Reliance Jio now has over 388 million subscribers on its network, and looks set to grow stronger with a new investment from Facebook.

 

Reliance Jio continued its steady growth trajectory even as it neared four years of operations, marking a gross addition of 24 million users in the first three months of 2020. Net profit for the quarter stood at Rs 2,331 crore, up by a staggering 177.5 percent in what is a record setting surge. In a quarter where the Covid-19 pandemic took over the primary narrative, Reliance Jio continued to support its millions of users by offering initiatives such as Microsoft’s collaborative tools for work and enterprise users, double data in plans and added calling minutes.

Reliance Jio also made significant contributions to multiple funds to combat Covid-19 in India, while its subsidiary, Haptik, helped power India’s MyGov automated information and helpline on WhatsApp. In terms of its network performance, Jio saw a decrease in the churn rate (ratio of users leaving the network) to an impressively low 0.57 percent. Average data consumption per user per month stood at 11.3GB, while average voice minutes stood at 771 minutes per user per month.

Commenting upon the company performance in the first three months of 2020, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said, ““We are glad that we have made connectivity and operations easier for our customers in these difficult times. Every Jio employee is trained to think Customer First and that has resulted in overwhelming customer response as we are serving close to 40 crore Indians now. Jio continues to lead the digital revolution in India and the whole-hearted acceptance of our services motivates us to keep improving every day.

“Jio is embarking on the next leg of growth with a path-defining partnership with one of the world’s largest digital companies, Facebook. We are together determined to make India a truly digital society with best-in-class connectivity network complemented with disruptive digital technology platforms for entertainment, commerce, communication, finance, education and health harnessing world’s best tech capabilities. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector.”

Going forward, the next quarter will hold some results of Reliance Jio’s record-setting deal with Facebook, which made for the biggest foreign direct investment in India’s technology sector. The deal is believed to help Reliance Jio write off debt significantly, while paving new pathways for collaborative projects between the world’s largest social media network and India’s largest telecom operator by a significant margin.

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