Reliance Jio posts 177.5% YoY growth in net profit
The financial statement says that the launch of a nationwide video platform called Jiomeet is in the offing
RIL’s telecom brand Reliance Jio Infocomm posted a 177.50% YoY and 72% QoQ growth as reported in its Q4FY20 results. With a subscriber base of 388 million Indians, the telecom arm of Reliance Industries Limited gained a gross addition of 24 million subscribers in Q4FY20.
The engagement levels also saw a significant rise due to the COVID-19 situation. However, despite the high usage, there has been no drop in network performance, the report adds.
The net profit for the quarter stood at Rs 2,331 crore as opposed to Rs 820 crore in the same quarter last year. In Q3FY20, the net profit for the telecom arm of RIL was Rs 1,350. The standalone revenue from operations stood at Rs 14, 835 crore. The standalone EBITDA stood at Rs 6,201 crore with a margin of 41%. The subscriber base of Jio as of March 31, 2020, was 387.5 million, posting a growth of 26.3% YoY. There was a net addition of 17.5 million subscribers during Q4FY20.
The report also stated that the launch of a nationwide video platform called Jiomeet is in the offing.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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 as we are serving close to 40 crore Indians now. Jio continues to lead the digital revolution in India and the whole-hearted acceptance of our services motivates us to keep improving every day.
Jio is embarking on the next leg of growth with a path-defining partnership with one of the world’s largest digital companies, Facebook. We are together determined to make India a truly digital society with best-in-class connectivity network complemented with disruptive digital technology platforms for entertainment, commerce, communication, finance, education and health harnessing world’s best tech capabilities. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector.”
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