Mukesh Ambani owned Reliance Jio has bested Bharti Airtel to become the second largest telecom operator in terms of adjusted gross revenue (AGR) in the quarter ended June, latest data from the sector regulator show.
ET reports that Reliance Jio Infocomm recorded an AGR from access services — or revenue derived from licensed services — of Rs 7,125 crore for the June quarter, up 14.6% from the previous quarter, while Airtel’s AGR fell 5.1% quarter-on-quarter to Rs 6,723 crore, according to the quarterly financial data released by Telecom Regulatory Authority of India (Trai) on Wednesday.
The new entrant has shown a strong development in the telecom market surpassing another major player. Jio had surpassed Vodafone and Idea individually in the January-March quarter, but would lag behind them now since the two merged to form Vodafone Idea at end of August.
According to ET report, in the June quarter — before the merger had closed — Vodafone’s AGR fell 9.2% on quarter to Rs 4,483.68 crore and Idea’s dipped 7.2% to Rs 3,743.12 crore, to aggregate a combined Rs 8,226 crore. State-run Bharat Sanchar Nigam Ltd was the only telco other than Jio to show a growth in AGR in the June quarter, rising 6.8% on quarter to Rs 2,273 crore.
The analysts have predicted that looking at Jio’s advancement, the telco won’t take long to move past Vodafone Idea in AGR.