Reliance Jio Q2 results: Net profit rises 185% to ₹2,844 crore, ARPU at ₹1452 min read . Updated: 30 Oct 2020, 08:03 PM IST
- Reliance Jio's revenue for the September quarter stood at ₹17,481 crore
- The wireless data traffic increased to 27.2 million as 'lockdown restrictions began to ease during the quarter' the company said
Reliance Jio, a subsidiary of Reliance Industries, reported a net profit of ₹2,844 crore, an increase of 185% year-on-year for the Q2FY21. On a quarter-on-quarter basis, the net profit increased nearly 13%. The telecom provider posted a net profit of ₹2,520 crore in the June quarter. The revenue for the quarter in the review grew 5.9% quarter-on-quarter to ₹17,481 crore. Jio's consolidated net profit rose by 19.8% to ₹3,020 crore, quarter-on-quarter.
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. The 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."
The average 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."
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, Mukesh Ambani, chairman and managing director, Reliance Industries Limited said, “We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in digital services business."
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.
Jio Platform Limited raised ₹ 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%.
Reliance Industries reported a net profit of 9,567 crore, against adjusted profit at ₹8,380 crore in the June quarter.