Reliance Jio Q1 net profit nearly triples to Rs2520 crore; ARPU rises to Rs140.3

Mumbai: Reliance Jio Infocomm’s net profit almost tripled in the April-June period – its 11th profitable quarter in a row – helped by tariff increases, decent customer additions and lower finance costs after reducing debt.

Profit rose to Rs 2,520 crore in the quarter from Rs 891 crore a year earlier and Rs 2,331 crore in the preceding quarter, Jio said in a statement on Thursday. Analysts expected earnings of about Rs 2,600 crore.

Revenue climbed 34% to Rs 16,557 crore from a year ago for the country’s largest telecom operator, which is playing a key role in helping parent Reliance Industries transform into a technology platform company from an oil-and-retail conglomerate. Jio added a net 9.9 million customers despite the impact of Covid-19 to end the quarter with 398.3 million users, the company said.