Jio rides out second wave of Covid - Mobile World Live

Jio rides out second wave of Covid

26 JUL 2021

Reliance Industries issued Covid-19 (coronavirus) vaccinations to almost all staff and their families, as it worked to tackle a second wave of the outbreak which it noted impacted its performance in fiscal Q1 2022.

In earnings documents covering the three months to end-June, Reliance Industries stated 98 per cent of its staff had received their first Covid-19 vaccines in a programme under which more than 1 million doses had been issued. It is also participating in Mission Vaccine Suraksha, an initiative to deliver inoculations to under-privileged sections of society.

Chairman and MD Mukesh Ambani noted the pandemic hit the operations and profitability of its retail business during the quarter, though emphasised “this is a temporary phenomenon” with novel solutions already in play including “partnerships with small merchants and digital engagement with consumers”.

Ambani also highlighted progress towards meeting a goal to be net carbon zero by 2035, with the company making a “swift start” to a clean energy programme through “investment across all verticals”.

Fiscal Q1 growth was testament to “the resilience of Reliance’s diversified portfolio of businesses” Ambani stated, pointing to “another record quarterly performance with industry-leading operating metrics”.

Net profit at digital arm Jio Platforms increased 44.9 per cent year-on-year to INR36.5 billion ($490.6 million) on sales of INR189.5 billion, 9.8 per cent higher.

Customer net additions of 42.3 million left the company with a total of 440.6 million by the end of the quarter.

Data traffic grew 38.5 per cent to 20.3 billion GB, with voice traffic 19.5 per cent higher at 1.06 trillion minutes.

Back

Author

Michael Carroll

Michael doesn’t want to admit that he has been a journalist and editor for close to 20 years covering a diverse set of subjects including shipping and shipbuilding, fixed and mobile telecoms, and motorcycling...More

Read more

Related

Tags