The telco, led by Mukesh Ambani, on Thursday said profit for the quarter rose to Rs 2,331 crore compared with Rs 840 crore a year ago. The market had an estimated profit to be around Rs 2,000 crore. On a quarter-on-quarter basis, the profit was up 73%. It is the company’s tenth profitable quarter in a row.
Profit was also helped by a one-time gain during the quarter of Rs 31 crore related to the reversal of provision on adjusted gross revenue (AGR) dues.
Revenue for the quarter came in at Rs 14,835 crore compared with Rs 11,715 crore in the previous year for the country’s newest telecom operator, which is playing a key role in helping parent RIL transform itself from an oil-and-retail conglomerate to a technology platform company.
“Jio is embarking on the next leg of growth with a path-defining partnership with one of the world’s largest digital companies, Facebook. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector,” Mukesh Ambani, chairman of RIL, parent of Jio, said in a statement Thursday.
The telco gained a net 17.5 million customers in the just-ended quarter, factoring in the impact of Covid-19 lockdown on user addition and number portability.
“Aggressive sales initiative and customer-focused approach have been launched to help recoup slowdown in subscriber addition momentum, as we return to normalcy,” Jio said in the statement.
Jio is the first among the trio of private players to announce its results.
ARPU, a key industry parameter, for the quarter stood at Rs 130.6, rising from Rs 128 in the fiscal third quarter. Operators are expected to clock in better ARPUs due to increase in tariff and usage, said analysts.
Monthly average data usage per user though went up to 11.3 GB from 11.1 GB in the previous quarter while voice consumption per user increased to 771 minutes per month from 760 minutes per month in the preceding quarter.