Reliance Jio posts 62% rise in profit; here’s what Mukesh Ambani has to say

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Updated: Jan 17, 2020 7:39 PM

Reliance Jio on Friday reported 62 per cent rise in net profit to Rs 1,350 crore in the third quarter of FY20 from Rs 831 crore a year ago.

Reliance Jio Q3 Result Update: रिलायंस जियो के तिमाही नतीजों का पूरा अपडेटShares of Reliance Industries on Friday closed nearly 3 per cent higher ahead of scheduled declaration of its December 2019 quarter earnings later in the day.

Reliance Jio on Friday reported 62 per cent rise in net profit to Rs 1,350 crore in the third quarter of FY20 from Rs 831 crore a year ago. Reliance Jio posted its ninth profitable quarter in a row on the back of strong subscriber additions and high data usage. A Bloomberg poll estimated a profit of around Rs 1,500 crore for Reliance. Mukesh Ambani-backed telecom company posted a consolidated revenue of Rs 13,968 crore. Jio is the first amongst the three telcos to announce its results for the fiscal third quarter. The average revenue per user (ARPU) a key performance parameter, for the company, came in at Rs 128.4.

Key figures

  • Standalone revenue from operations, including access revenues, of Rs 13,968 crore. Standalone EBITDA of Rs 5,601 crore and EBITDA margin of 40.1 per cent.
  • Standalone Net Profit of Rs 1,350 crore; exceptional item (expense) during the quarter of Rs 177 crore related to AGR dues.
  • Subscriber base as on 31st December 2019 of 370.0 million (32.1% YoY growth).
  • ARPU during the quarter of Rs 128.4 per subscriber per month.
  • Total wireless data traffic during the quarter of 1,208 crore GB (39.9% YoY growth).
  • Total voice traffic during the quarter of 82,640 crore minutes (30.3% YoY growth).

“I am pleased with the progress of our consumer businesses which continue to establish new milestones every quarter. We saw consistent same store sales growth and record footfall across our stores driven by our compelling proposition of great shopping experience and superior value. Jio is focused on giving unmatched digital experience to consumers on a nationwide basis at most affordable price, and accordingly expanding network capacity and coverage to keep pace with demand,”Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.

Reliance Jio has become the largest telecom player with 36.9 crore mobile subscribers in November 2019, according to the latest data by TRAI. Vodafone Idea reported a total mobile subscriber base of 33.62 crore and Bharti Airtel at 32.73 crore customers for November 2019. Meanwhile, shares of Reliance Industries on Friday closed nearly 3 per cent higher ahead of scheduled declaration of its December 2019 quarter earnings later in the day. The scrip of the country’s most valued firm jumped 2.79 per cent to close at Rs 1,580.65 on the BSE.

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