Companies

Jio Platforms Q4 profit jumps 47% to ₹3,508 crore

Our Bureau Mumbai | Updated on April 30, 2021

Revenue from operations rises 19% to ₹18,278 cr

Jio Platforms Ltd has posted a net profit of ₹3,508 crore, a rise of 47.5 per cent, for the fourth quarter ended March 31, 2021, compared with ₹2,379 crore recorded during the same year-ago period.

During the period under review, the company’s revenue from operations rose 18.9 per cent to ₹18,278 crore from ₹15,373 crore recorded during the same quarter of previous financial year, a company statement said.

Mukesh D. Ambani, Chairman and Managing Director at Reliance Industries Limited, said, “Jio has a highly engaged 426 million customer base and remains committed to enhancing digital experiences not only for our existing customers but, for all individuals, households, and enterprises across the country. With its path defining partnerships over the last couple of years, Jio will continue to strive towards making India a premier digital society”. “Covid has brought forth new challenges for the country. Jio’s on-the-ground teams are working tirelessly to address all issues for ensuring seamless customer service. Jio’s focus remains on making lives easy for all citizens through our digital solutions while ensuring safety of our employees and partners,” he added.

31.2 million new customers

The company added 31.2 million gross customers (net addition of 15.4 million) during the quarter with improved traction across mobility and homes, and 99.3 million users during the financial year ended March 31. Its total subscriber base stood at 426.2 million as of March 31.

During the quarter, churn fell to 1.26 per cent on back of focused sales initiatives and reducing Covid-19 impact in parts of the country during the quarter.

Also read: Why Airtel-RJio deal augurs well for the telecom sector

The average revenue per user (ARPU) for the quarter was ₹138.2, with a sequential decline driven by transition from interconnect usage charges, (IUC) to Bill & Keep regime effective January 1, 2021, and lower number of days during the quarter.

Published on April 30, 2021

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