Reliance Jio pre-tax profit zooms 147% in June quarter, revenue up 33.7%

Reliance Jio reported a pre-tax profit of Rs 3,375 crore in the April to June quarter of financial year 2020-21, driven by 33.7 per cent growth in revenue. In the same period last year, the operator had reported pre-tax profit of Rs 1,369 crore, showing a jump of almost 147 per cent.

Revenue growth was driven by a tariff hike undertaken last December. Limited customer churn and customer recharges during the lockdown also played a part. Jio, which raised over Rs 1.52 trillion through a series of stake sales from 13 investors in the June quarter, reported operating revenue of Rs 16,557 crore in the same quarter. At a post-earning investor call, Anshuman Thakur, president, Reliance Jio, said Jio Platforms will retain Rs 22,981 crore out of the Rs 1,52,056 crore raised from stake sale to 13 investors and the rest would go to parent Reliance Industries.