Reliance Jio's Q1 net profit surges nearly three times to Rs 2,520 cr

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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.