According to the company press release, Reliance Industries Limited (RIL) declared its October-December (third quarter) profits at Rs 13,101 crore as its net profit rose 12.55 percent on-year. However, its total income of the quarter fell 20 percent on-year to Rs 1.28 lakh crore. In comparison to the previous quarter, net profit increased by approximately Rs 2,500 crores. Market analysts were surprised at RIL’s numbers because none of them anticipated the profit figures to reach beyond Rs 11,200 crore.
After the numbers were publicly released, Mukesh Ambani, Chairman and Managing Director, said, “At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company’s impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and Retail segments, and steady growth in our Digital Services business.”
Reliance Jio Platforms Limited (JPL) recorded the addition of 5.2 million customers in Q3, taking the total user tally to 410.8 million people. The digital service platform secured 4% growth in traffic with 1,586 crore GB data used by its consumers along with 97,496 crore minutes of total voice traffic. Collectively, the statistics helped JPL contribute Rs 3,489 crore to the net profit of RIL.
Furthermore, in Q3, Google invested Rs 33,737 crore in JPL amounting to a 7.7% stake. With a total investment worth over Rs 1.5 lakh crore, JPL has declared free voice calls from Jan 1, 2021, while focusing on its next breakthrough in wireless networks, JioMeet, Internet of Things (IoT) solutions, and indigenously developed 5G radio.
Jio’s 5G core network has achieved successful integration with the radio and 5G-smartphones are expected to achieve air throughputs greater than 1 Gbps, as per the release. Indoor 5G small cell network is in advanced stages of development.