Reliance Jio created a storm in the telecom market just after it was launched. With its lucrative offers and a number of free services, it soon dominated the market and ruined the business of other telecom operators.
Over 13.86 crore subscribers:
Even though there was a tough competition in the industry, Reliance Jio Infocomm Ltd got over 13.86 crore subscribers. Needless to say, it gave the market new dynamics and owing to its free schemes which worked as a magnetic pull on customers, other operators such as Vodafone and Airtel were also compelled for decreasing their costs as well as introducing attractive offers.
Mukesh Ambani reveals how much Reliance Jio earned:
Now there have been months when Jio was launched and it has made a place for itself in the market, the billionaire Mukesh Ambani has made up mind of revealing as to how much Jio earned.
According to BloombergQuint,
“Jio reported higher than expected revenue based on subscription recharges and lower than expected operational cost in its July – September 2017 quarterly earnings.
Net revenue: Rs 6,147 crore
EBIT: Rs 260 crore
Net loss: Rs 271 crore”
Reasons of the rise are “recharges, prime membership revenue and subscription recharges done in April, accounted for in July.”
Net revenue of Rs 6,147 crore has been reported by Reliance Jio for the mentioned quarter, whereas a profit of Rs 260 crore is reported; however, the shocking part is that the company reported net loss worth Rs 271 crore.
Market analysts are of the opinion that 42 million consumers will be added in the second half of 2018 and subscriber base will become 20.5 crore by March 2019.
IIFL made an analysis of TRAI’s data and reported that Vodafone India might soon be overtaken by Reliance Jio which will then become the second biggest operator of the country as far as subscribers in urban regions are concerned.