Billionaire Mukesh Ambani's telecom venture Reliance Jio reported a 1.2 percent sequential rise in standalone net profit in the fourth quarter of FY18, with earning per user dropping even as its subscriber base swelled.
The net profit stood at Rs 510 crore in the just-concluded quarter against Rs 504 crore notched in the October-December 2017 period.
Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said the strong financial results of Jio in a competitive market environment demonstrated the robustness of its business model and its ability to offer the most value to customers and partners.
"Jio has demonstrated that it can scale and sustain its strong financial performance," Ambani said in a statement.
The Average Revenue Per User (ARPU), however, slipped to Rs 137.1 per month during the reported quarter. The ARPU stood at Rs 154 per subscriber per month in the three months to December.
Sunil Bharti Mittal-led Bharti Airtel, earlier this week, reported an ARPU of Rs 116 for the quarter, down by 26.7 percent from Rs 158 it had registered a year ago.
Reliance Jio's standalone revenue from operation came in 3.6 percent higher quarter-on-quarter to Rs 7,128 crore against Rs 6,879 crore in the third quarter of FY18.
Jio posted its annual maiden profit of Rs 723 crore for the fiscal year 2017-18 and its revenue from operations stood at Rs 20,154 crore.