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Reliance Jio's net profit surges nearly three times in Q1
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SME Times News Bureau | 30 Jul, 2020
Telecom operator Reliance Jio on
Thursday reported a nearly three fold rise in net profit for the
April-June quarter to Rs 2,520 crore.
The telecom giant recorded a
183 per cent rise in net profit from Rs 891 crore reported in the
corresponding period of the last fiscal.
In a statement, the
company said that its standalone revenue from operations, including
access revenues stood at Rs 16,557 crore.
Commenting on the
quarterly performance Mukesh D. Ambani, Chairman and Managing Director,
Reliance Industries Ltd (RIL) said: "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. Thirteen investors, which include the largest
technology companies and investors globally, now share a common vision
with us."
Jio Platforms Limited, with partnerships across
promising Indian start-ups and globally renowned technology companies,
is set to drive the next leg of hyper growth for digital businesses, he
added.
"Our growth strategy is aimed at meeting the needs of all
the 1.3 billion Indians. We remain focused on playing a leading role in
India's transformation into a digital society."
In the past three
months Jio Platforms raised Rs 1.52 lakh crore across 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
Ventures.
Reliance Industries, post completion of these
investments, would hold 66.48 per cent equity stake in Jio Platforms on a
fully diluted basis. Of the total investment, Jio Platforms Limited has
already received over Rs 1.15 lakh crore as subscription amount from
ten investors. Rs 22,981 crore will be retained at Jio Platforms to
drive future growth.
Further, the investment process has been
concluded with an investment of Rs 33,737 crore by Google for 7.73 per
cent equity stake on fully diluted basis.
Jio's total customer
base as of June 30, 2020 was 39.83 crore, with a strong wireless gross
addition of 1.51 crore during the quarter despite Covid related
restrictions across the country.
"Customer engagement has
increased during the quarter with national 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,a said the
statement.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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