Jio Platforms has released its quarterly earnings report today. In the past few months, the telco has raised Rs 1,52,056 crores in capital through investments from various groups and companies. Reliance Jio aims to connect every Indian with internet and that is why it has partnered up with Google. Google bought a 7.73% equity stake in Reliance Jio for an amount of Rs 33,737 crore. Both the companies together will build an entry-level smartphone which will run on the Android operating system. Jio reported a net profit of Rs 2,520 crore in the first quarter of the FY 2020-21. Telco’s EBITDA margin stands at 44% compared to 37.8% in the corresponding quarter last year. Jio Platforms also added many customers to its subscriber base despite the problems created by COVID-19.
Jio Added 9.9 Million Customers With Increased ARPU
The average revenue per user (ARPU) for Reliance Jio has risen to Rs 140 per month. This is one of the biggest factors which helped the telco to drive profits for itself. Jio added 9.9 million customers to its subscriber base despite all the problems COVID-19 created. With all the newly added customers, Jio now has a total customer base of 398.3 million users.
Jio is the top telco in India in regards to the number of customers they have. Gross addition of customers is in excess of 15 million subscribers for the quarter. With this, the telco reported increased data traffic of 30% YoY. As for the voice calling traffic, it rose by 13.2% YoY. Net profit reported by the company stands at Rs 2,520 crore which is up by 182.8% YoY. Average wireless data consumption per user has also increased to 12.1GB per month and average voice call consumption has been increased by 756 minutes.
During the quarter, Jio Platforms also launched India’s first and only cloud-based video conferencing app — JioMeet which has been downloaded by more than 5 million users now. Along with that, the telco also launched JioMart which is an online retail store for people who don’t want to step out of their home to buy essentials.
JioTV+ was also launched during the 43rd AGM of Reliance Industries Limited which aims to make access of OTT content an easier affair from various platforms for customers. The telco reported that their FTTH services are currently provided in more than 1 million homes of India.
Chairman and Managing Director, Reliance Industries Limited (RIL), Mukesh Ambani said, “Jio started with a vision of connecting everything by building 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 is also working with local start-ups to help them sustain in the competitive market and help them grow India’s economy. Ambani further added, “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. Our growth strategy is aimed at meeting the needs of all the 1.3 billion Indians. We remain focused on playing a leading role India's transformation into a Digital Society.”