Over the next one year period, Reliance is likely to reach the top slot in subscriber as well as service revenue metrics, surpassing all others in FY 19-20, as per report posted by Bernstein. However, report also predicts that the wanton thrust to reach the top slot may cost reliance a lot. What’s more, it may wreck the profitability aspect of the company, unless strategies are altered to survive the loss. In terms service revenue, Jio’s revenue reached Rs. 10,380 Crore for the Quarter, barely beating Bharti (Rs. 10,060 Crore). Then there was the question of subsidizing JioPhones heavily. In short, the overall picture isn’t encouraging at all. For instance, if Jio’s ‘non-specific’ depreciation metrics, along with handset subsidies being booked through Reliance Retail which does not show in Jio’s Profit and Loss Account, then the potential loss will amount nothing less than Rs. 15,000 Crore. The report further says that “The reason we highlight the tremendous expense Reliance is incurring to position Jio as number one is to make it clear this strategy cannot be maintained. We have always felt that once Jio reaches its target market share, they will switch their focus to monetization. While we think FY 19/20 is likely too early for this, we would not be surprised to see ARPU (Average Revenue Per User) start to creep back up starting FY21. We are currently forecasting ARPU increases of 8.2 per cent in FY21 and 11.2 per cent in FY22,”. Last year, the stubbornness of Jio’s drive towards becoming the number one operator in India helped it to gain market share to a great extent. From a global perspective this was indeed a major accomplishment. But it came at a very high cost. Although real figures have not been publicly disclosed, snippets from grapevines suggest a deployment of Rs.2.6 Lakh Crore ($37 billion) – an alarmingly high figure to gain a market prominence.