Reliance Jio Q3 results: Net profit rises 15.5% to Rs 3,489 crore

Jio Platforms recorded 15.5% quarter-on-quarter rise in net profit to Rs 3,489 crore for October-December 2020, its parent firm Reliance Industries Limited said on Friday.

Jio Platforms, which provides digital and telecom services, had posted a net profit of Rs 3,020 crore in the previous quarter.

The revenue of the company stood at Rs 22,858 crore in the October-December 2020 period.

RIL Chairman and Managing Director Mukesh D Ambani said India is now among the leaders driving the digital revolution in the world.

“In order to maintain this lead, Jio will continue to accelerate the rollout of its digital platforms and indigenously developed next-generation 5G stack and make it affordable and available everywhere. Jio’s 5G service will be a testimony to the vision of Atmanirbhar Bharat,” Ambani said.

Jio is determined to make India 2G-mukt, thereby empowering every Indian to have an affordable smartphone and be a part of digital and data revolution, he said.

“We invite and encourage all stakeholders to work together to make world-class digital services available to every Indian consumer at the most affordable prices,” Ambani said.

Jio said its indigenously developed 5G mobile network technology and 5G smartphones have achieved wireless data speed of over 1 gigabit per second (Gbps).

“In-house Massive MIMO and indoor 5G small cells are under advanced stages of development.

“JPL has achieved a milestone this quarter with annualised revenue run-rate in excess of $10 billion (about Rs 7,300 crore) with strong revenue and EBITDA growth,” RIL said in a statement.

Reliance Jio Infocomm posted a 45.7% increase in operating profit or EBIDTA to Rs 8,166 crore, compared to Rs 5,601 crore in the same quarter of 2019-20.

The operating revenue of RJIL grew 32.4 per cent on a year-on-year basis to Rs 18,492 crore in the quarter ended December 2020 as against Rs 13,968 crore.

Jio Platforms reported a total customer base of 41 crore as of December 31, 2020.

“Net additions (of subscribers) were 5.2 million. It was on account of Covid and local issues that we faced, but those are now getting better,” Reliance Jio head of strategy Anshuman Thakur said.

The total customer gross addition of the company stood at 2.51 crore despite Covid related constraints and local issues.

Jio has alleged that its rivals are misleading consumers and are running a “vicious and divisive campaign” against it and making preposterous claims that migrating Jio mobile numbers to their networks would be an act of support to farmers’ protests.

Bharti Airtel and Vodafone Idea have denied the allegations.

Thakur said that the upcoming spectrum auction will help the company in building up capacity and maintaining the networks.

RJIL network recorded data consumption of 12.9 gigabytes per person and 796 minutes of voice usage per month.

The company recorded monthly average revenue per user of Rs 151 as against Rs 145 in the trailing quarter.

RIL said its online video conferencing app JioMeet has crossed 1.5 crore users during the quarter.

“JioMeet is now evolving as a complete platform with solutions for different segments like large enterprises, healthcare industry, educational and government institutions,” the statement said.

During the quarter, Jio completed the Google transaction for an investment of Rs 33,737 crore into JPL for 7.73% stake.

With this transaction, the company has received a total Rs 1,52,056 crore committed by various investors.