Reliance Jio reported a 182.8% rise in year-on-year net profit to ₹2,520 crore for the quarter ended in June. Reliance Jio, a subsidiary of Reliance Industries led by India's wealthiest tycoon Mukesh Ambani, posted a net profit of ₹891 crore for the corresponding quarter last year. Jio's quarterly revenue rose 34% on year to ₹16,557 crore.
The total customer base of Reliance Jio has increased to 398.3 million as of June 30. The average revenue per user (ARPU) grew 7.5% to ₹140.3. The nationwide COVID-19 lockdown and work-from-home boosted data consumption during the this quarter. The total wireless data traffic rose 30.2% YoY to 1,420 crore GB during the quarter.
"There has been strong wireless gross addition of 15.1 million during the quarter despite COVID-19 related restrictions across the country," the telecom service provider said. Monthly churn rate for wireless subscribers at only 0.46% during the quarter.
"Monthly churn rate for wireless subscribers at only 0.46% during the quarter," Reliance Industries Limited said in a statement.
Customer engagement increased during the June quarter with a "nationwide 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."
"Jio started with a vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India," said Mukesh Ambani, chairman and managing Director, Reliance Industries Limited.
Reliance Jio's revenue including access revenues for the June quarter stood at ₹19,513 crore. The standalone revenue from operations, including access revenues grew by 33.7% YoY to ₹16,557 crore. Jio's standalone EBITDA for the June quarter reported a 55.4% YoY rise to ₹ 7,281 crore.
Jio Platform Limited raised ₹152,056 crore from 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.
"Thirteen investors, which include the largest technology companies and investors globally, now share a common vision with us," Ambani added.
Once the investments are complete, Reliance Industries would hold 66.48% equity stake in Jio Platform on a fully diluted basis, the company mentioned.
"The company has evaluated the implications of the COVID 19 pandemic and has determined that there is no significant impact on its financial position and performance," Reliance Jio's parent company said in a statement.