Reliance Jio Q3 results: Net profit jumps 15.5% to Rs 3,489 crore

Reliance Industries' subsidiary Jio Platforms Ltd on Friday reported a 15.5 per cent quarter-on-qurater rise in net profit at Rs 3,489 crore for the third quarter ended December 31, 2020 from Rs 3,020 crore in July-September quarter.

The average revenue per user (ARPU) rose to Rs 151 in December quarter of 2020 from Rs 145 during the preceding quarter.

While revenue from operations rose 5.3 per cent to Rs 19,475 crore, its EBITDA (earnings before interest, tax, depreciation and amortisation) grew 6.4 per cent quarter-on-quarter to Rs 8,483 crore. Jio's EBITDA margin expanded to 43.6 per cent during the quarter.

The consolidated value of services, including access revenues, grew by 5.3 per cent to Rs 22,858 crore on back of higher ARPU and fiber-to-the-home (FTTH) expansion, the company said in a release.

Jio's total customer base stood at 41.08 crore as on December 31, 2020, with a net addition of 52 lakh customers. Wireless gross addition was robust at 25.1 million as smartphone shipments improved with easing restrictions across the country, it 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," Reliance Industries Chairman and Managing Director MUkesh Ambani said.

The company said its JioMeet platform crossed 1.5 crore users during the quarter and is now evolving as a complete platform with solutions for different segments like large enterprises, healthcare industry, educational and government institutions.

"Jio's bundled broadband offering for SMBs (small and medium businesses) has had an encouraging response. A widescale commercial deployment will see Jio offering unique solutions across connectivity, communication, conferencing, productivity, marketing, infotainment and devices," the release said, "The addressable market will be significantly expanded with these digital solutions and ubiquitous fibre presence."

Ahead of earnings announcement, shares of Reliance Industries closed 2.30 per cent lower at Rs 2,049.65 apiece on the BSE.

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