Reliance Jio Profit Nearly Triples In March Quarter, Announces New Video Platform

The company’s This autumn net income stood at Rs 2,331 crore

Reliance Industries’ telecom arm Reliance Jio on Thursday reported a 177.5 % growth in income inside the fourth quarter (January-March), to Rs 2,331 crore, up from Rs 840 crore, in the an identical quarter remaining yr. As far as the entire financial yr is anxious, Jio’s net income rose from Rs 2,964 crore in 2018-19 to Rs 5,562 crore in 2019-20, an annual improve of 88 %.

In an official launch, the company stated that as on March 31, its subscriber base stood at 38.75 crore, a 26.three per cent year-on-year growth.

Its widespread revenue per particular person (ARPU), a key metric of how loads revenue a telecom company earned from an individual particular person improved to Rs 130.6 month-to-month from Rs 128.4 all through the earlier quarter.

With out divulging loads particulars, the company moreover launched the launch of a “nationwide video platform” generally known as JIOMEET.

The company, in its launch moreover detailed upon Fb’s Rs 43,574 crore funding with the intention to buy 9.99 % stake.

Of the entire funding, Rs 14,976 crore could be retained at Jio Platforms to drive future growth, whereas the dad or mum agency Reliance Industries Restricted (RIL) will redeem optionally convertible alternative shares (OCPS) worth Rs 28,598 crore, the assertion talked about.