Business / Jio Platforms' net profit rises 15.5% to ₹3,489 crore in Q3

Mumbai: Reliance Jio, a subsidiary of Reliance Industries, reported a consolidated net profit of ₹ 3,489 crore, a of 15.5% quarter-on-quarter increase, in the December quarter. The telecom operator posted a net profit of ₹2,844 crore during the September quarter.

During Q3FY21, the average revenue per user (ARPU) rose to ₹151 per subscriber per month from ₹145 in the September quarter. Reliance Jio's total customer base as on 31 December 2020 stood at 410.8 million.

Reliance

Jio added 25.1 million customer during the quarter under review "despite COVID-19 related constraints and local issues," the company said in a statement. "Net subscriber addition of 40 million during CY20 is highest in the industry," Jio said in the filing.

Jio's consolidated EBITDA grew by 6.4% Q-o-Q to ₹ 8,483 crore and EBITDA margin of 43.6% up from 43.1% QoQ owing to growing revenue and operating leverage, the company said.

Jio Platforms Ltd has achieved a milestone this quarter with annualised revenue run-rate in excess of $10 billion with strong revenue and EBITDA growth, it added.

"During 3Q FY21, average data consumption per user per month was at 12.9 GB as against 12.0 GB per user per month during the trailing quarter and average voice consumption was at 796 minutes per user per month during the quarter as compared to average voice consumption at 776 minutes per user per month during the trailing quarter," Jio said.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: “India is today 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."

"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. 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," he added.

JioMeet crossed 15 million 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.