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    Jio Q1 PAT zooms 183% to Rs 2,520 crore as data consumption surges amid lockdown

    telecom | IST

    Jio Q1 PAT zooms 183% to Rs 2,520 crore as data consumption surges amid lockdown

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    Reliance Industries' telecom unit Jio's first-quarter revenue came in Rs 16,557 crore while profit after tax (PAT) came in at Rs 2,520 crore.

    Jio, the country’s largest telecom company, clocked a 182 percent year-on-year growth in its net profit to Rs 2,520 crore on operating revenues of Rs 16,557 crore (up 33.7 percent) as stay-home orders during the lockdown boosted data consumption and average revenues per user (ARPU).
    The telco’s ARPU came in at Rs 140, way ahead of analyst estimates. The company said it was able to add 9.9 million customers during the quarter despite the COVID-19 lockdown.
    Customers on its platforms consumed 1,420 crore GBs of wireless data, the company said, a rise of 30.2 percent year-on-year.
    “Jio started with a vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India,” RIL Chairman Mukesh Ambani said.
    Ambani pointed to the slew of investments that Jio Platforms, the telecom firm’s parent, raised during the quarter, saying the “thirteen investors, which include the largest technology companies and investors globally, now share a common vision with us.”
    Jio Platforms
    Jio Platforms raised Rs 152,056 crore across thirteen investors which includes Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, in a breathtaking fund raising drive that has helped Reliance Industries stock to a record high.
    Reliance Industries, post completion of these investments, would hold 66.48% equity stake in Jio Platforms on a fully diluted basis.
    During the quarter, Jio Platforms rolled out cloud-based video-conferencing app, JioMeet. “Within few days of launch JioMeet has been downloaded by more than 5 million users,” the company said.
    “The MyGov Corona Helpdesk powered by JioHaptik is the Indian government’s official WhatsApp chatbot helpline to address FAQs on Covid-19. Over 30 million citizens have used it in the last 3 months, and it has also received 2 awards at CogX AI Summit London,” it added.
    Its EasyGov platform integrated with MyJio and JioPhone enabled 14 million eligibility checks for Atmanirbhar Bharat Scheme and other schemes for migrant labour and farmers.
    Besides, Jio enabled e-learning across its digital platforms – JioTV (65 channels), JioSaavn (1,100 podcasts) and Jio Set-top box (21 applications). “Apart from multiple content providers, Jio has also collaborated with MoHRD, NCERT and Seven State Governments for this initiative,” the company said.
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