Reliance Jio Q4 net zooms 177% to Rs 2,331 crore

Reliance Jio on Thursday reported a 177 per cent jump in fourth quarter net profit to Rs 2,331 crore.

New Delhi: Reliance Jio on Thursday posted 177.5 per cent year-on-year rise in net profit to Rs 2,331 crore for the three months ended March 31, fuelled by rising subscriber base and recent tariff hike.

The net profit of Jio stood at Rs 840 crore in the year-ago period.

Seen sequentially, the net profit grew 72.7 per cent when compared to Rs 1,350 crore in December quarter (Q3FY20).

Jio's standalone revenue from operations for the fourth quarter stood at Rs 14,835 crore, which translates into year-on-year growth of 26.6 per cent.

Commenting on the Q4 results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, "Jio is embarking on the next leg of growth with a path-defining partnership with one of the world's largest digital companies, Facebook".

"We are together determined to make India a truly digital society with best-in-class connectivity network complemented with disruptive digital technology platforms for entertainment, commerce, communication, finance, education and health harnessing world's best tech capabilities. Our focus will be India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector," he said.

The standalone net profit stood at Rs 2,331 crore, the company in a statement said, adding that there was exceptional item (income) during the quarter of Rs 31 crore related to reversal of provisions on AGR dues.

Average Revenue Per User (or earning per subscriber) was sequentially higher at Rs 130.6 per month, the company said, adding that further impact of December 2019 tariff hike will flow through in coming months.

Jio's net profit increased to Rs 5,562 crore for the full year FY20 from Rs 2,964 crore in the previous fiscal, an annual increase of 88 per cent, the statement said.

The revenue from operation stood at Rs 54,316 crore for FY20, up from Rs 40,663 crore in FY19.

Subscriber base as on March 31, 2020 was at 387.5 million with net addition of 17.5 million during 4QFY20, it said.

Jio Platforms will launch a nationwide video platform called 'JioMeet', the company said.

(PTI Report)