RIL Q1 net profit rises by 30.6 pc to Rs 13,248 crore

Reliance Industries (RIL) on Thursday reported a consolidated net profit of Rs 13,248 crore during the April-June quarter despite the COVID-19 pandemic.

The consolidated RIL revenue for the quarter was Rs 100,929 crore.

Jio reported a 183 per cent rise in year-on-year net profit to Rs 2,520 crore for the quarter ending June. It had posted a profit of Rs 891 crore for the corresponding quarter last year.

During the quarter, the average revenue per user (ARPU) increased to Rs 140.3 per subscriber per month and the total wireless data traffic was 1,420 crore GB, a Jio release said.

Customer engagement has increased during the quarter with national lockdown driving average wireless data consumption per user per month to 12.1 GB and average voice consumption to 756 minutes per user per month.

Till June 30, the total customer base of Jio has increased to 398.3 million.

According to results, despite lockdown due to COVID, RIL net profit including exceptional items for the quarter was higher by 30.6 per cent year to year at Rs 13,248 crore.

Jio Platforms has raised Rs 152,056 crores to bolster Jio's initiatives towards delivering breakthrough technologies and building the world's leading digital services platform, according to a media release by the company

Releasing the consolidated results for the quarter ended June 30, 2020, the Jio said that the company successfully completed India's largest-ever Rights Issue of Rs 53,124 crore (oversubscribed by 1.59 times) - world's largest by a Non-Financing Institution in last ten years.

Commenting on the results, Mukesh Amb, Chairman and Managing Director, Reliance Industries Limited (RIL) said that 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.

"Thirteen investors, which include the largest technology compes and investors globally, now share a common vision with us. Jio Platforms Limited with partnerships across promising Indian start-ups and globally renowned technology compes is set to drive the next leg of hyper-growth for digital businesses. 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," he said.

Jio Platforms Limited has 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, the release said.

( With inputs from ANI )