"Reliance Jio's ARPU fell for the sixth straight quarter but the net profit increased 45.6% YoY. The average data usage per month stood at a record 11.4 GB per month. With 331.3 million subscribers, it is now the second-largest operator in India. Going forward, we estimate that the demand for Reliance Jio will come from rural India which continues to grow in terms of Internet adoption. The long-term value packs and the upcoming festive season will keep the pressure on ARPU as Jio is heavily dependent on pre-paid subscribers." – Tarun Pathak