Reliance Jio Profit Nearly Triples In March Quarter, Announces New Video Platform
Reliance Industries' telecom arm Reliance Jio on Thursday reported a 177.5 per cent growth in profit in the fourth quarter (January-March), to Rs 2,331 crore, up from Rs 840 crore in the same quarter last year. As far as the entire financial year is concerned, Jio's net profit rose from Rs 2,964 crore in 2018-19 to Rs 5,562 crore in 2019-20, an annual increase of 88 per cent.
In an official release, the company stated that as on March 31, its subscriber base stood at 38.75 crore, a 26.3 per cent year-on-year growth.
The company's average revenue per user (ARPU), a key metric of the revenue earned by a telecom firm from an individual user, improved to Rs 130.6 per month from Rs 128.4 during the previous quarter.
Without divulging much details, the company also announced the launch of a "nationwide video platform" called JIOMEET.
The company, in its release, also detailed upon Facebook's Rs 43,574 crore investment to buy 9.99 per cent stake.
Of the total investment, Rs 14,976 crore will be retained at Jio Platforms to drive future growth, while the parent company Reliance Industries Limited (RIL) will redeem optionally convertible preference shares (OCPS) worth Rs 28,598 crore, the statement said.
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