Jio Platforms’ profit nearly tripled and revenue grew in its fiscal Q1 (to 30 June) as it continued to expand its subscriber base and make gains in mobile tariffs.
Net profit increased to INR25.2 billion (US$336.8 million) from INR8.91 billion in the comparable period of 2019. Operating revenue grew 33.7 per cent to INR195 billion and ARPU 15 per cent to INR140.30 a month.
Mobile subscribers increased 20 per cent to 398.3 million. It added 9.9 million during the quarter. Average data usage rose to 12.1GB a month from 11.4GB and total voice traffic increased 13.2 per cent.
The technology subsidiary of multinational conglomerate Reliance Industries inscludes mobile operator Reliance Jio along with broadband and online commerce services.
Reliance Industries chairman and MD Mukesh Ambani, said Jio Platforms is set to drive the next leg of hyper-growth for digital businesses, with partnerships across Indian start-ups and globally renowned technology companies.
“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.”
Reliance Industries raised INR1.52 trillion in investment in Jio Platforms so far this year: it now holds a 66.48 stake in the digital unit, which said it already received INR1.16 trillion as subscription amounts from ten investors. https://www.mobileworldlive.com