Jio Braves COVID-19 Challenges to Post 47.5 Percent Net Profit Jump in Q4

Reliance's Jio Platforms Ltd (JPL) has recorded a 47.5 per cent year-on-year net profit in the fourth quarter of the financial year 2021 to Rs 3,508 crores. The company said in a statement that despite COVID related challenges, JPL closed its first full year of operations with revenue and EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 73,503 crores, and Rs 32,359 crores respectively.

This has been driven by strong 45 per cent YoY EBITDA growth at RJIL on the back of continued subscriber traction and higher average revenue per unit (ARPU).

"Quarterly JPL operating revenue was Rs 18,278 crores, sequential decline led by the transition to Bill and Keep regime and lower number of days during the quarter. Like-for-like growth in operating revenue was ~30 per cent YoY in Q4FY21," the statement said.

"Also, quarterly EBITDA margin increased 600 bps YoY to 46.9 per cent with EBITDA at Rs 8,573 crores. Net profit in Q4FY21 for JPL increased 47.5 per cent YoY to Rs 3,508 crores (FY21 net profit at Rs 12,537 crore)," the statement added.

The company also recorded strong customer gross addition at 31.2 million (net addition of 15.4 million) in the quarter with improved traction across mobility and homes. "Gross subscriber addition of 99.3 million during FY21 despite Covid related challenges," the statement said.

It further said that the average revenue per unit for Q4FY21 was Rs 138.2, with sequential decline driven by transition from Interconnect Usage Charges (IUC) to Bill & Keep regime effective January 1, 2021, and lower number of days during the quarter.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: "Jio has a highly engaged 426 million customer base and remains committed to enhancing digital experiences not only for our existing customers but, for all individuals, households, and enterprises across the country. With its path-defining partnerships over the last couple of years, Jio will continue to strive towards making India a premier digital society."