Reliance Jio reports ₹3,489cr net profit, average revenue per user up at ₹151
Jio reported a net subscriber addition of 40 million users during CY20, the highest in the industry, adding that the total customer gross addition was ‘robust’ at 25.1 million in spite of constraints faced due to the pandemic.
Reliance Jio had a rather impressive innings in the final quarter of 2020, posting a sizeable increase in profits, with the company reporting a net profit of ₹3,489 crore, according to a statement released by the company on Friday.
During the December quarter, Jio also finalised its deal with Google, for an investment of ₹33,737 crore for a 7.73 percent stake in Jio Platforms Limited. The company stated that with the amount from Google, it had received a total amount of ₹1,52,056 crore. The company reported higher churn during the quarter at 1.63 percent, stating that it was due to the continued impact of COVID-19 and “recent malicious and motivated campaigns against Reliance Group in certain geographies.”
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Jio reported a net subscriber addition of 40 million users during CY20, the highest in the industry, adding that the total customer gross addition was ‘robust' at 25.1 million in spite of constraints faced due to the pandemic. During this period the average data consumption was also high at 12.9 GB per month, while the average user used up 796 minutes of voice service per month. The Average Revenue Per User has also risen to ₹151 per subscriber, the company said.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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.”
Jio is determined to make India 2G-mukt, thereby empowering every Indian to have an affordable smartphone and be a part of digital and data revolution. We invite and encourage all stakeholders to work together to make world-class digital services available to every Indian consumer at the most affordable prices,” Ambani added.
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