Reliance Jio Infocomm nearly tripled its net profit on year in the April-June period – its eleventh profitable quarter in a row – helped by the delayed impact of tariff hikes taken last December, decent customer adds and aggressive debt restructuring.
For the quarter ended June, Jio posted profit of Rs 2,520 crore compared with Rs 891 crore a year ago, and Rs 2,331 crore in the preceding quarter. Quarterly revenue rose 34% on year to Rs 16,557 crore.
“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,” Mukesh Ambani, Chairman, Reliance Industries Limited said:
Average revenue per user rose to Rs 140.3 from Rs 130.6 in the January-March quarter.
“There has been strong wireless gross addition of 15.1 million during the quarter despite Covid related restrictions across the country. Monthly churn rate for wireless subscribers at only 0.46% during the quarter,” Jio’s parent Reliance Industries said in a release Thursday.
It added that customer engagement had 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.