Reliance Jio announced its results on Thursday evening for the final quarter of the financial year 2019-20. The company declared a 177% increase in its net profit compared to the same quarter in the previous financial year which translates to a 3 fold increase, Jio reported a net profit of Rs.2331 crore for the quarter. The increase in net profit comes on the back of tariff hike in December 2019. Jio added 24 million new subscribers during the quarter taking its total subscriber base to 387.5 Million.
Key Points for Q4 FY20:
- Subscriber base as of 31st March 2020 was 387.5 million with a net addition of 17.5 million during 4QFY20.
- After the elimination of excessively heavy voice users during 3QFY20, the churn rate has retraced to 0.57% for 4QFY20.
- The average data consumption per user per month was 11.3 GB and average voice consumption was 771 minutes per user per month.
- The average revenue per user (ARPU) during the quarter was Rs 130.6 per subscriber per month
- Standalone revenue from operations, including access revenues, was Rs 14,835 crore and the Standalone Net Profit was Rs 2,331 crore.
- Facebook bought a 9.99% stake in Jio Platforms for Rs 43,574 crore of which Rs 14,976 crore will be retained at Jio Platforms while Rs 28,598 crore will be used by Reliance Industries to redeem optionally convertible preference shares (OCPS).
“We are glad that we have made connectivity and operations easier for our customers in these difficult times. Every Jio employee is trained to think Customer First and that has resulted in overwhelming customer response as we are serving close to 40 crore Indians now. Jio continues to lead the digital revolution in India and the whole-hearted acceptance of our services motivates us to keep improving every day.”Commenting on the results, Shri Mukesh D. Ambani, Chairman, and Managing Director, Reliance Industries Limited said
JioMeet Video conferencing platform:
Jio Platforms will be launching a new video conferencing platform called JioMeet in the next few days as reported by Economic Times. JioMeet will work across all operating systems on Windows PC, Android, and iOS smartphones and tablets and offer complete collaboration. Jio’s eHealth platform integrated with the Meets app will allow users to consult doctors virtually, get prescriptions, order medicines and lab tests online, and enable digital waiting rooms for doctors. The e-Education platform will create a virtual classroom for students and teachers, record sessions and notes, assign and submit homework, organize time-bound tests, and offer multimedia content for students to self-learn.