Jio powers through first quarter as Reliance left with 66.5% stake

Reliance Jio has reported an exceedingly healthy set of figures for its first quarter, with the Indian telco seeing increases across the board.

Revenue increased by a third to ₹19,513 crore, approximately $2.6 billion, for the three months to June 30, with earnings before interest, tax, depreciation, and amortisation (EBITDA) up by 55% to ₹7,281 crore, and net profit spiking 183% to ₹2,520 crore.

Average revenue per user for Jio now sits at ₹140 a month, around $1.87, and the telco has almost 400 million customers. Total traffic on its network grew 30% to 1.42 exabytes.

“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,” the company said in its earnings report.

The telco added it had over 1 million fibre-to-the-home customers.

During the quarter, the telco sold a third of itself to others for ₹152,056 crore. Buyers included Google, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital, and Qualcomm Ventures.

Reliance said Jio has already received ₹115,694 crore of the purchase money and ₹22,981 crore would be retained for future growth.

All up, parent company Reliance now has a 66.48% stake remaining in Jio.

In July, Jio launched its own video conferencing platform, JioMeet, which was used to hold Reliance’s annual general meeting and had 320,000 concurrent users, the company said.

The company’s JioHaptik product is powering the Indian government’s WhatsApp COVID chatbot, with over 30 million people using it.

All up for Reliance, the petrochemical behemoth posted ₹100,929 crore in revenue for the first quarter, with EBITDA coming in at ₹21,585 crore, and net profit jumping 31% to ₹13,248 crore.

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