Mumbai, NFAPost: Reliance Jio, a subsidiary of Reliance Industries, reported a 185% growth in net profit at Rs 2,844 crore for Q2 of FY 2021 compared with Rs during the same period last fiscal.
On a quarter-on-quarter basis, the net profit increased nearly 13%. The telecom provider posted a net profit of Rs 2,520 crore in the June quarter.
Revenue from operations increased 33% YoY to Rs 17,481 crore. But the revenue for the quarter in the review grew 5.9% quarter-on-quarter to Rs 17,481 crore. Jio’s consolidated net profit rose by 19.8% to Rs 3,020 crore, quarter-on-quarter.
It is interesting to note that the revenue growth is a little lower than Bharti Airtel which grew at 7.4% and VI (Vodafone India) which registered a growth of 1.2% in the same period. The average revenue per user (ARPU) rose to ₹145 from ₹140.3 in the June quarter. The Covid-19 lockdown and work-from-home boosted data consumption during the this quarter.
Leading telecom services player’s wireless data traffic increased to 27.2 million as “lockdown restrictions began to ease during the quarter,” the company said. The number of monthly wireless subscribers rose to 1.69% in the September quarter “with follow through impact of Covid-19 on SIM consolidation and recharge cycle of migrant population.”
Reliance Jio’s verage wireless data consumption per user per month stood at 12.0 GB and average voice consumption was at 776 minutes per user per month in the Q2FY21, “with an increasing usage of application-based voice on data networks.”
400 million subscribers
At the same time, Reliance Jio has become the only operator (outside China) to have reached the milestone of 400 million subscribers in a single country market, the company said.
Commenting on the results, Reliance Industries Limited chairman and managing director Mukesh Ambani said Reliance Jio delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in digital services business.
“Domestic demand has sharply recovered across our O2C business and is now near the pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country,” said Reliance Industries Limited chairman and managing director Mukesh Ambani.
With large capital raise in last six months across Jio and Retail business, Reliance Industries Limited chairman and managing director Mukesh Ambani said the company welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity.
As part of its to fast track the roll out of 5G network infrastructure and services in India, Qualcomm Technologies and Jio Platforms Limited (Jio) said that they have expanded efforts to develop open and interoperable interface compliant architecture-based 5G solutions with a virtualised radio access network (RAN).
The company announced they have achieved over a 1 Gbps milestone on the Reliance Jio 5GNR solution with a Tier-I carrier in the US. “JioUPI pan India rollout on MyJio was completed during the quarter. This would help secure financial transactions and bill payments across all Jio digital platforms,” the company mentioned.
Mukesh Ambani-led Jio Platform Limited raised Rs 152,056 crores across thirteen global investors which includes Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund, Intel Capital and Qualcomm Ventures for a cumulative equity stake of 32.96%.