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Jio Q4 net grows 65 percent to Rs 840 crore

Reliance Jio Infocomm reported a 65-percent jump in net profit for the January–March period, its sixth straight profitable quarter, boosted by strong user additions and data consumption. Sequentially, net profit grew 1 percent, constrained by a continuing fall in average revenue per user (ARPU) and higher costs, which weighed on operating margins. Earnings had increased 22 percent sequentially in the October–December period. Profit rose to Rs 840 crore in the fourth quarter of the financial year from Rs 510 crore a year earlier.

Operating revenue rose 56 percent on YoY and 7 percent sequentially to Rs 11,106 crore, backed by a net addition of 26.6 million subscribers with a monthly average data usage of 10.9 GB and voice consumption of 823 minutes. The mobile phone operator is playing a key role in helping parent company Reliance Industries transit from an oil-and-retail conglomerate to a technology platform company.

Jio ended the quarter with 306.7 million users, closing in on its rivals. Vodafone Idea had over 409 million subscribers at the end of February, while Bharti Airtel had over 340 million subscribers.

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