Jio profit jumps 72%
Reliance Jio Infocomm Ltd (Jio) topped Street estimates with a 72% sequential rise in net profit in the March quarter to ₹2,331 crore. Profit jumped 177.5% on a year-on-year (y-o-y) basis.
Operating revenue of the telecom arm of Reliance Industries Ltd grew 6.2% sequentially and 26.6% y-o-y to ₹14,835 crore in the three months ended March 31.
Analysts had estimated revenue to grow 5% and profit to rise around 40% sequentially.
Jio reported standalone Ebitda of ₹6,201 crore and Ebitda margin of 41.8% during the quarter.
Jio’s profit was also boosted by a one-time gain during the quarter of ₹31 crore related to the reversal of provision on adjusted gross revenue dues.
Average revenue per user (ARPU) grew to ₹130.6 from ₹128 in the December quarter after Jio introduced charges for calls made to other operator’s networks in Q3.
Data consumption continued to grow to 11.3GB per user per month from 11.1GB in the December quarter while average voice consumption was 771 minutes per user per month with over 50% higher usage during the lockdown. Jio had 387.5 million users as of March-end with net addition of 17.5 million last quarter, slightly below analyst estimates of 20 million additions.
Mukesh Ambani, chairman and managing director, RIL said, “We are glad that we have made connectivity and operations easier for our customers in these difficult times. Every Jio employee is trained to think Customer First and that has resulted in overwhelming customer response .”