As per CLSA, Reliance Jio’s annual operating income is estimated to double in two years to Rs 524 billion along with a surge in its mobile user base to 500 million.

The growth will be particularly propelled by a mix of tariff hikes and accelerated market share gains in the sector which is rapidly evolving into a private duopoly, CLSA said. To this end, CLSA attributed 60 per cent of Jio’s revenue growth to the tariff hikes and 40 per cent by market share gains.

According to the estimates by CLSA, Jio’s earnings before interest, taxes, depreciation and amortisation (EBITDA) will double by financial year (FY) 2022 to Rs 524 billion and has pegged the enterprise value of its mobile business at $66 billion.