Jio Platforms Ltd Q1 net profit up 45% to Rs. 3651 crores

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Mumbai : Jio Platforms Limited, the telecom and digital services arm of Reliance Industries Limited (RIL) recorded 44.9% jump in its net profit to Rs. 3651 crore net in the first quarter of the current financial year spanning from April-June 2021. The company had posted Rs. 2519 crore net profit in the year ago period.

Quarterly operating revenue was ₹18,952 crore ($ 2.5 billion), growth of 19% adjusted for IUC, driven by continued subscriber traction in connectivity business. Total customer base of Jio increased to 44 crores, as on 30th June 2021. Value of Services for the quarter was ₹ 22,267 crore ($ 3.0 billion) higher by 9.8% than the same period in previous year while EBITDA for the quarter was ₹ 8,892 crore ($ 1.2 billion) increase of 21.3% in comparison to Q1 EBITDA last year. Average Revenue Per User during the quarter was ₹138.4 per subscriber per month.

Total data traffic on Jio network witnessed 38.5% growth and stood at 20.3 billion GB during the quarter. During 1Q FY22, average data consumption per user per month increased to 15.6 GB while average voice consumption was at 818 minutes per user per month. Jio rolled our several customer focused initiatives to minimize COVID led disruption during this quarter which included complimentary offers for JioPhone users, Emergency Data Loan, WhatsApp recharge option, and Freedom Plans with no daily data limits. Despite challenges for on the ground physical work, JioFiber now has more than 3 million connected homes with improving momentum in recent months.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”

-Odisha Age