Reliance Jio Q3 results: Net profit up 15.5% on qtr; user churn rose due to “malicious” campaign

0
23
Reliance Jio Q3 results: Net profit up 15.5% on qtr; user churn rose due to


Reliance Jio Infocomm’s (Jio) net profit rose 15.5% sequentially to Rs 3,489 crore for the October-December quarter– its 13th profitable quarter in a row – backed by higher average revenue per user (ARPU). But its net user additions of 5.2 million was its slowest ever, with a higher percentage of subscribers leaving the network due to what the company said were “recent malicious and motivated campaigns against Reliance Group in select geographies.”

Revenue rose by 5.3% on quarter to Rs 22,558 crore in the third quarter of the fiscal, said the largest telco in a statement on Friday.

“…Jio will continue to accelerate the rollout of its digital platforms and indigenously developed next generation 5G stack and make it affordable and available everywhere. Jio’s 5G service will be a testimony to the vision of AtmaNirbhar Bharat,” Mukesh Ambani, chairman of Jio’s parent Reliance Industries (RIL), said in a statement.

“Jio is determined to make India 2G-mukt, thereby empowering every Indian to have an affordable smartphone and be a part of digital and data revolution. We invite and encourage all stakeholders to work together to make world-class digital services available to every Indian consumer at the most affordable prices,” he added.

Jio’s average revenue per user (ARPU) – a key performance metric — rose sequentially to Rs 151 from Rs 145 in the previous quarter, helped by a combination of last December’s tariff hikes and customer additions.

However, the farmers’ agitation in Punjab and Haryana dented the subscriber additions.

“Total customer gross addition was robust at 25.1 million despite Covid related constraints and local issues…Higher churn during the quarter at 1.63% due to continued impact of COVID and recent malicious and motivated campaigns against Reliance Group in select geographies,” Jio said.

The telco ended the quarter with 410.8 million users.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here