Reliance Jio reported a 182.8 percent jump in its profit to Rs. 2,520 crore in the Q1 2021. The net profit was Rs. 891 crore for the corresponding quarter as compared to the previous financial year. This means that the company has posted a three-fold jump in its profit in Q1 2021.
Reliance Jio said that it added 99 lakh customers during Q1 2021. However, the numbers are less than Jio added from January to March 2020. The operator subscriber base now stands at 398.3 million, while average revenue per user stood at Rs. 140.3. Further, the operator states that the lockdown and work from home have increased the data traffic by 30.2 percent to 1, 420 crore GB data.
"There has been strong wireless gross addition of 15.1 million during the quarter despite COVID-19 related restrictions across the country," Reliance Jio said. Adding to that, "Monthly churn rate for wireless subscribers at only 0.46 percent during the quarter."
Reliance Jio has raised Rs. 152,056 crores from 13 investors, leaving the company with only 66.48 stakes in the platform. The 13 investors, include Facebook, Google, Silver Lake, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital, Vista Equity Partners, and Qualcomm.
"Our growth strategy is aimed at meeting the needs of all the 1.3 billion Indians. We remain focused on playing a leading role in India's transformation into a Digital Society," Chairman and Managing Director, Reliance Industries Limited (RIL), Mukesh Ambani said.
Qatar Investment Authority Might Buy Stake In Jio Platforms
After selling its stake to 13 firms, Reliance Jio is likely to sell its assets in the fibre business. The company is reportedly in talks with Doha-based sovereign wealth fund Qatar Investment Authority (QIA) for the deal. The QIA is likely to invest Rs. 11,200 crore in the Jio platforms. Notably, the company is offering six plans to broadband users, and it starts from Rs. 699 that goes up to Rs. 8,499.