Jio Platforms Ltd.’s quarterly profit rose as Mukesh Ambani’s digital venture saw average revenue per user increase for the fifth straight quarter.
The company is looking to roll-out 5G networks in the next few quarters, said Kiran Thomas of Jio Platforms, adding the necessary solutions and architecture are being built in-house.
Reliance Jio is also in the process of piloting IoT for connected cars, smart metering, smart cities and connected assets, Thomas said.
Addition of high-paying customers to JioFibre, the company’s fixed landline broadband service, was expected to improve average revenue per user in the third quarter. The company had seen a 12% month-on-month rise in the wired broadband segment in October.
While Jio continued to lead India’s telecom market, its rival Bharti Airtel Ltd. is now adding more monthly customers and narrowing the gap.
The company claimed it’s the leader in 18 out of 22 circles in terms of AGR revenue and a close second in Tamil Nadu and Jammu & Kashmir according to data from the Telecom Regulatory Authority of India data as on September 2020.
Jio has also made domestic calls to other operators free since the telecom regulator abolished the interconnect usage fee of 6 paise a minute that’s paid every a subscriber called a user on a rival network.
Jio’s parent Reliance Industries Ltd. reported a 12.6% rise in profit. However, revenue and operating profit declined.
Shares of RIL closed 2.3% lower ahead of the earnings announcement compared with a 1.5% decline in the benchmark Nifty 50.
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