Jio Profit doubles to 2500 crores in Q1 2021
Jio owned by Reliance Industries limited has announced record profit in the first quarter of 2021.
Net Profit has nearly doubled to 2500 crores. Jio had declared a profit of ₹891 crore for the same quarter last year. Quarterly revenue too rose by 35 percentage to ₹16,557 crore compared to last year.
The total subscribers of Reliance Jio has increased to 398 million as of July 1st 2020. The average revenue per user (ARPU) grew 7.5% to ₹140 per user.
The growth in data consumption happened due to covid 19 led lockdown. The gold plating in this result is that the company added 1.5 crore new subscribers during this pandemic inspite of severe lockdown restrictions. It also said that each subscribed used an average data of around 12 GB per month.
Meanwhile Jio's standalone EBITDA for the June quarter reported 55% YoY rise to ₹ 7,281 crore.
Jio Platforms also raised ₹152,056 crore from 13 investors which includes Google, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm.