Jio Platforms Q4 Net Profit up 47.5% Despite COVID-19

Jio Platforms Q4 Net Profit up 47.5% Despite COVID-19 Crisis in India

Jio Platforms Q4 Net Profit up 47.5% Despite COVID-19

Reliance’s Jio Platforms has managed to achieve a 47.5 percent year over year increase in net profit in the January-March quarter. Jio Platforms’ net profit stood at Rs. 3,508 crores despite the ongoing Coronavirus pandemic in the country. The company completed its first full year of operations with Rs. 73,503 crore revenue and Rs.32,359 crore Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).

One notable fact about Jio Platforms’ performance in the quarter is that the net profit increased even when the Average Revenue Per User (ARPU) dropped to Rs.138.2. The ARPU in the first quarter of FY2020-21 was Rs.140.3 per month. According to the company, the ARPU dropped due to the “transition from Interconnect Usage Charges (IUC) to Bill & Keep regime” and a lower number of days in the quarter.

“Quarterly JPL operating revenue was ₹ 18,278 crore, sequential decline led by the transition to Bill and Keep regime and lower number of days during the quarter. Like-for-like growth in operating revenue was ~30% YoY in Q4FY21. Also, quarterly EBITDA margin increased 600bps YoY to 46.9% with EBITDA at ₹ 8,573 crores,” states the company.

The average data consumption of a Jio user stood at 13.3 GB. Similarly, the average voice consumption was 823 minutes per minute. In addition, the company witnessed a net userbase expansion of 15.4 million in the quarter, with the total Jio userbase now standing at 426 million. You can read more on the company’s overall quarterly performance in the presentation right here.

“Jio has a highly engaged 426 million customer base and remains committed to enhancing digital experiences not only for our existing customers but, for all individuals, households, and enterprises across the country. With its path-defining partnerships over the last couple of years, Jio will continue to strive towards making India a premier digital society,” said Mukesh D. Ambani, Chairman & Managing Director, Reliance Industries Limited.

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