Reliance Jio, the telecommunications arm of Jio Platforms, reported a Q2 FY21 net profit of Rs 2844 cr crore against Rs 998 cr crore year.
The net profit for this quarter rose to 12.9 percent at Rs 2,844 crore compared to Rs 2,520 crore quarter-on-quarter.
It also beat CNBC-TV18's poll of Rs. 2,725 crores.
This is while revenue for the telecommunications arm saw a growth of 5.6 percent to Rs 17,481 crore from Rs 16,557 crore when compared on a quarter-to-quartet basis.
According to CNBC-TV18, in comparison to peers, the revenue growth is a little lower than Bharti Airtel which grew at 7.4 percent. VI (Vodafone India) grew 1.2 percent in the same period.
As for a key metric, Average Revenue Per User(ARPU), for this quarter it was at 145, beating CNBC-TV18's poll estimate of 143.
ARPU was at 145 compared to 140.3 subscribers per month in the trailing quarter. The COVID-19 lockdown work-from-home boosted data consumption during the this quarter.
Voice traffic during the quarter of 93,223 crore minute, according a regulatory filing.
The filing also mentions that Jio has become the only operator (outside China) to have reached the milestone of 400 million subscribers in a single country market. Wireless gross addition showed a strong sequential increase to 27.2 million just as lockdown restrictions began to ease during the quarter.
Commenting on the results, Mukesh Ambani Chairman and Managing Director of Reliance said,"We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in Digital Services business. Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity."Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol