Reliance Jio net profit up 183% in Q1FY21

Reliance Jio reported a net profit of Rs 2,520 crore for the first quarter of the financial year 2020-21, up 183% from a profit of Rs 891 crore in the corresponding quarter of the previous year.

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Revenue for the June quarter was at Rs 16,557 crore, increasing 33.7% compared to Rs 12,383 crore in same period last year.

The average revenue per user (ARPU) grew a significant 7.4% sequentially to Rs 140.3 per subscriber per month.

The company informed BSE that it had a total customer base 398.3 million as of June 30, 2020. It witnessed a strong wireless gross addition of 15.1 million during the quarter despite Covid related restrictions across the country. Monthly churn rate for wireless subscribers was at only 0.46% during the quarter.

Customer engagement has increased during the quarter with national lockdown driving average wireless data consumption per user per month to 12.1 GB and average voice consumption to 756 minutes per user per month, the company said.

"Consumer facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential goods and services through the lockdown," Mukesh Dhirubhai Ambani, Chairman and Managing Director said.

Jio Platforms Limited has raised Rs 152,056 crore across thirteen investors which includes Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures.

Reliance Industries, post completion of these investments, would hold 66.48% equity stake in Jio Platforms on a fully diluted basis, the company informed BSE. Of the total investment, Jio Platforms Limited has already received Rs 115,694 crore as subscription amount from ten investors. ₹ 22,981 crore will be retained at Jio Platforms to drive future growth.

Jio said that its FTTH (fiber-to-the-home) services witnessed pent-up demand due to lockdown. The process of converting initial test users to paid-plans is largely complete with more than 1 million home users connected with Jio FTTH services.

JioTV+ with a single sign-in process will make it easier for the Jio set-top box users to access content across different OTT platforms without separate logins. JioTV+ brings together content from all the Jio media and entertainment applications along with other leading third-party content providers like Netflix, Amazon Prime, Disney Hotstar, Sony LIV, Zee5 and many more.

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