Tag: RIL

  • Reliance Retail to acquire majority stake in Just Dial for Rs 3,497 cr

    Reliance Retail to acquire majority stake in Just Dial for Rs 3,497 cr

    New Delhi: Reliance Retail Ventures Ltd, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd is all set to acquire a majority stake in internet technology B2B company Just Dial for Rs 3,497 crore.

    Reliance Retail will hold 40.9 per cent stake in the company according to the definitive agreements on 16 July, Just Dial said in the regulatory exchange filing on Friday.

    VSS Mani will continue as the managing director and chief executive officer to lead Just Dial through the next phase of growth, it added.

    “Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance,” said Reliance Retail director Isha Ambani. “The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward.”

    According to Just Dial, the capital infused by Reliance Retail will help drive the company’s growth and expansion into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services. These investments will leverage Just Dial’s existing database of roughly 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users, said the company.

    “Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers,” said Just Dial, founder and CEO VSS Mani. “Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realise this vision and transform the business going forward.”

    The transaction is subject to shareholder and other customary closing conditions and approvals.

  • Jio Fiber acquires 2 mn new premises despite pandemic’s blows

    KOLKATA: The last year has played a crucial role in the surge of fixed-line broadband consumption, thanks to work from home and school from home routine followed by millions. After years of tepid growth, the industry got the much-needed push and one of the largest players, Jio Fiber seems to have cashed in on the trend.

    Jio Fiber has acquired more than two million new premises over the past year, said the Reliance Industries chairman Mukesh Ambani at the company’s 44th annual general meeting on Thursday.

    “Across the world, the past 15 months have been challenging for on-the-ground physical work. Jio Fiber, Jio’s optical fiber-based, gigabit speed, fixed broadband services has also faced similar challenges. The pace of Optical fiber deployment, building connectivity, and home installations have all been slower than expected because of lockdowns and other restrictions across our country,” said Ambani.

    With more than two million new premises over the past year, Jio Fiber now has a cumulative base of three million active home and business users. “JioFiber has become the largest and the fastest-growing fixed broadband operator in India,” said the Reliance Industries chairman, “I continue to be confident of a rapid uptake of Jio Fiber services and revenue growth for Jio as India recovers from Covid.”

    Data consumption on Jio Fiber has grown to more than 3.5 times compared to a year ago. Jio entered the home broadband market in 2016. At the moment, Jio’s optical fiber network is physically present outside more than 12 million homes and business premises, with a deep fiber footprint in the top 100 cities.

    Ambani added that Jio is uniquely positioned to quickly and seamlessly upgrade to 5G. To develop a 5G ecosystem, he said, the company is working with global partners to develop a range of 5G devices. “Jio is not just working to make India 2G-mukt, but also 5G-yukt,” he said.

    Jio Fiber recently launched new post-paid plans and announced that it will not charge Jio Fiber postpaid users for installation or a security deposit of the internet setup. It is offering six and twelve months post-paid plans. The plans have been introduced at a starting price of Rs 399 per month. For customer retention, it offers free Netflix, Amazon Prime Video subscription along with others for its high-end plans.

  • Google, Jio unveil affordable smartphone JioPhone Next

    KOLKATA: Reliance Industries Limited (RIL)’s telecom arm Jio democratised internet usage in India in 2016 with the launch of affordable 4G connections. The company did not limit itself to just telecom after its humongous success but transformed itself into a technology platform. Over the last year, it also struck several partnerships with global tech giants including Google.

    At the 44th Annual General Meeting (AGM) of RIL on Thursday, chairman and managing director Mukesh Ambani made yet another major announcement about taking the partnership one step further. The two companies have now collaborated to develop India’s ‘most affordable smartphone’ JioPhone Next.

    The fully-featured smartphone will be available from 10 September. However, the company has not revealed the price yet.

    JioPhone Next will have features like a voice assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters. It seems quite clear that the company is not only looking at affordability but the user-friendly aspect for mass consumers. And language translation features may lead to another revolution in regionalisation of the digital economy in India.

    In addition to that, Ambani has announced a new 5G partnership between Google Cloud and Jio. The latter will use Google Cloud’s cutting-edge technologies to power Jio’s 5G Solutions and for powering the internal needs of key Reliance growth businesses like Reliance Retail, JioMart, JioSaavn, and JioHealth.

    “We are confident of being the first to launch full-fledged 5G services. And, because of our converged, future-proof architecture, Jio’s network is uniquely positioned to quickly and seamlessly upgrade from 4G to 5G,” said Ambani, “To develop the end-to-end 5G ecosystem we are now working with leading global partners to develop a full range of 5G-capable devices. The Jio 5G technology is also well-positioned to create compelling applications for consumers and enterprises spanning Healthcare, Education, Entertainment, Retail and other key verticals of the economy.”

  • RIL’s M&E biz EBITDA margin rises to 17% in FY21

    RIL’s M&E biz EBITDA margin rises to 17% in FY21

    KOLKATA: Despite all odds, Reliance Industry Limited’s (RIL) media & entertainment business has recorded profitability during the pandemic-hit financial year. According to the company’s latest annual report, Network18’s consolidated operating margins expanded to 17 per cent in FY 21, up from 11.5 per cent in FY 20, RIL’s annual report said.

    Consolidated EBITDA of the business rose 29 per cent y-o-y to Rs 796 crore despite the pandemic impact dragging revenue down by 12 per cent y-o-y. The company’s overall profitability was attributed to cost controls and concerted efforts to increase annuity-style revenue streams, including subscription and syndication.

    The margins of the news business expanded all through the year, despite pandemic-linked logistics constraints and blackout of BARC ratings in the second half of the financial year, the report added. Overall news segment’s operating margins expanded to 13 per cent. The TV News operating margin expanded to 16 per cent, marking four years of continuous improvement. In addition to that, digital news broke even on a full-year basis, driven by accelerated revenue growth.

    Despite the Covid-19 impact, entertainment margins went up to 19 per cent thanks to operating leverages. TV Entertainment grew viewership share by two per cent to 10.9 per cent. One in two Indians watch Network18 television channels that reach more than 95 per cent of TV homes in India annually, as per the report.

    The entire M&E industry started on a weak note in FY21 due to the onset of the pandemic, but there was a turnaround during the second half of the year. For Network18, TV News advertising recovered by the second quarter itself growing across the year. Entertainment advertising revived fully by the third quarter, led by a full content roster. Strong viewership trends for Hindi GECs, both pay, and FTA, drove underlying ad growth into high-single digits by the fourth quarter.

    Digital media platforms witnessed an increase in content consumption. Digital advertising gained momentum from the platforms’ inherent advantages of being able to target audiences, drive personalisation, and lower costs.

    “Digital engagement continued to grow due to the volume of high-quality content and key events. Industry sources indicate a ten per cent y-o-y increase in OTT video consumption. Increased propensity to pay has been witnessed, amidst domestic OTTs increasing prices selectively, while global players create India-specific cheaper offerings. Digital subscription revenue continued to rise sharply, albeit off a low base, both from B2C (direct) and B2B (telco-driven) distribution of OTT platforms,” the company stated on Thursday. The company was also satisfied with domestic subscription revenue in the M&E segment which remained strong, despite the stress in international. Improved distribution tie-ups for TV and Digital have driven the subscription growth.

    The leading OTT platform under RIL’s M&E bouquet, Voot, garnered 12 billion minutes of watch time during FY21 and was the number two broadcaster-OTT, it said in its report. According to the company, Voot Select was the fastest to reach one million D2C subscribers, thanks to original content, digital-first TV content, and digital-only spin-offs.

  • Covid relief: India Inc shows it cares, puts employees’ wellbeing before profits

    Covid relief: India Inc shows it cares, puts employees’ wellbeing before profits

    MUMBAI: As the second wave of Covid2019 batters the Indian subcontinent, there is little doubt that we are staring at a humanitarian disaster of humongous proportions. Even as the country struggles to cope with what is possibly a deadly new variant of the Coronavirus, organisations are going out of their way to show solidarity with their workforce.

    Recently, Reliance Industries announced that it has decided to give employees their entire bonus for 2020-21, acknowledging their commitment to the company in a challenging year. It also launched an inoculation drive for all its employees, their family members, and stakeholders from Friday.

    Earlier, FMCG major HUL announced it will cover for the vaccination of around three lakh people, which include not only its employees and their families but also those in its extended ecosystem.

    Across India, as cases surge and precious lives are being snuffed out, companies are pressing the pause button on chasing quarterly targets and are instead going the extra mile to help afflicted employees and their loved ones.

    Showing empathy  through enhanced employee benefits

    Many companies have become generous with employee benefits and leaves, granting special wellness leaves, vaccination leaves, and reduced work-day weeks for their employees, along with providing staff access to mental and health care services.

    Online food delivery platform Swiggy has rolled out a four-day work week for employees for the month of May, keeping in mind the mental and physical well-being of its employees. Workers have also been given the flexibility to choose the four days they want to work in a week.

    Companies like Tata Steel, Google, Amazon, Schneider Electric, Deloitte and more have provided their employees with 14 special sick leaves for them to recuperate and recover.

    Some companies like ITC, Optum and Phillips have provided their employees with unlimited leave policies. These companies have allowed the affected ones to rest with a clear-cut mandate of not to resume work until they recover.

    According to Human capital solutions and services provider GI Group India VP & head HR Upasana Raina, “The mental well-being of everyone in the organisation is key to each person’s individual success that finally ties up into the success of the collective.” She added that apart from ensuring that 100 per cent of their workforce has WFH facility, the agency also “encourages employees to take time for themselves to strike a healthy balance between work and family.”  

    Personal finance app Branch has also implemented the “unlimited paid time off for dealing with the physical and emotional trauma”. Branch India MD Sucheta Mahapatra says, “With the second wave, we understand that most employees are physically and mentally affected either personally or in their social circles. The health coverage will now cover Covid Related hospitalisation. We have internally formed a Covid employee taskforce to evaluate and work on various work streams to support employees during these times.” 

    Telecom and IoT services provider Teliolabs CEO Amit Singh says, “We have formed a Covid response team with a doctor, finance, HR and system admin teams to ensure proper help to the team members in case of any Covid related query, hospital admissions etc. We are also extending our medical insurance and term insurance policies for better coverage in these difficult times.” This is in addition to giving paid leave to employees falling sick owing to Covid.

    Insurance tech provider SE2 Digital Service LLP head HR Sumit Bhatia shares some of the initiatives the company has put in place to ensure their employees are safe and reassured during the pandemic situation: “Reimbursement of RTPCR tests and vaccination costs, health insurance that includes Covid related hospitalisation, 24×7 free doctor access, stress management (EAP) support, 14 days of special Covid leaves in case any associate is detected positive, and in the unfortunate scenario of an associate’s demise due to Covid – monetary coverage for family (beyond Term Life Insurance)- SE2 will pay the associates’ full one-year salary (including 100 per cent of the variable pay) or Rs 10 lakh (whichever is higher) to the family.”

    AI-driven online automobile marketplace Droom has announced a Rs 1 crore budget to combat Covid for its employees and dealers’ community. It has launched programs for its 20,500+ dealers to assist in pharmaceuticals, vaccination, medical assistance and provide isolation wards with basic medical facilities. It has also increased its medical insurance coverage by five times this year, providing medical coverage group insurance for employees’ parents, and has even launched a telemedicine consultation for mental and physical health free of cost.

    Converting office spaces into Covid isolation & vaccination centres

    Besides providing benefits, some companies have taken a step further and converted office spaces into isolation centres and hospitals for employees and their kin.

    HDFC Bank has converted three of its training centres in Gurugram, Bhubaneswar and Pune into isolation facilities for its Covid-affected employees. These facilities have been equipped with first-line assistance and will have round the clock nurses and visiting doctors. The facilities include setting up vaccination camps. In addition, it has also tied up with many hotels across the country to provide isolation facilities, basic amenities and basic medical checks.

    Similarly, TCS has set up Covid Care Centers across 11 cities in India and entered into arrangements with hotels that have hospital tie-ups. Employees and their families can avail emergency medical financial assistance, apart from the health insurance facilities offered. In fact, many IT firms are setting up hospital beds in their campuses with oxygen and ventilator support to support employees and their families to deal with the acute shortage the country is facing.

    Droom has also converted its Sector 15 office into an emergency response center with telemedicine services, nurses, and all basic healthcare facilities.

    Further, Amazon, ITC, Capgemini, RPG Group, and Cognizant have also set up Covid-care centres either on their own, or through tie-ups with hotels or hospitals at this critical time when the country’s healthcare system is getting overburdened.

    Bry-Air, DRI and Artemis have organised vaccination camps for their employees, while Fortis recently arranged drive-thrus for Panasonic, Jindal Steel, Coforge, Honda Motorcycles and Scooters.

    IT majors like TCS, HCL Tech, Tech Mahindra, Infosys have introduced Covid201919 test centres to help their staff avoid exposure by visiting crowded test centres and waiting in long queues.

    Assuring monetary aid

    Companies are also taking measures to ensure the long-term financial stability of their staff and their families. Zomato announced that it would provide 100 per cent of the deceased employee’s income for two years to the family. Paytm’s Vijay Shekhar Sharma said the company will continue to pay salaries to the families of deceased employees throughout the current financial year

    Cars24 CEO Vikram Chopra recently won a lot of love on social networking site LinkedIn for an internal mail he sent out to all his employees urging them to buy whatever it was that they needed for the treatment of themselves or a family member, without worrying about its price.

    He wrote, “Need oxygen or medicines but only available in black at a very high price and without any proof? Please just buy whatever you need, from whatever source you get it. Don’t worry about a proof to be produced to the company or how it costs,” adding “Send us an email and we will transfer money asap.” He further wrote that the company will also try to arrange medicines, or oxygen and whatever else is required, while stressing that “We will pay you advance or reimburse all costs, whichever is faster. I repeat, no proofs required.”

    Setting up Covid helpline & resource access  

    Software giant, TCS has set up a Covid help desk for employees to seek any assistance required, along with a 24×7 TCS Medical Hotline to reach doctors and TCS Cares services for counselling.

    HDFC Bank too is providing e-consultation with doctors through apps including Apollo 24/7, MediBuddy, PharmEasy Apps, with PharmEasy helping with delivery of medicines as well. Additionally, the bank has also provided access to e-consultation with empanelled psychologists through these apps.

    Several companies, including PricewaterhouseCoopers, Accenture, Grofers, Cars24, Deloitte have announced that they will sponsor the cost of vaccines for their employees and some for their families as well.  

  • RIL to sell stakes in Den, Hathway for Rs 1,122 crore

    RIL to sell stakes in Den, Hathway for Rs 1,122 crore

    NEW DELHI: Reliance Industries Ltd (RIL) is getting ready to divest its shares in Den Networks and Hathway Cable through offers for sale (OFS) in compliance with the minimum public holding norms laid down by the Securities and Exchanges Board of India (SEBI).

    RIL will sell its stakes in Den and Hathway, acquired through its subsidiaries in 2018, for Rs 853 crore and Rs 269 crore respectively.

    According to a BSE filing, Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings, promoters of Hathway Cable & Datacom, will sell 338 million shares, or a 19.1 per cent stake with a floor price of Rs 25.25. The promoters currently hold 94.09 per cent stake in Hathway.

    Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will sell 55.5 million shares, or an 11.63 per cent stake, in Den Networks with a floor price of Rs 48.50

    The OFS will open for non-retail investors on 26 March and for retail buyers on 30 March. In both the offers, 10 per cent of the offered shares are reserved for retail investors.

    It may be recalled that in February 2020, RIL had merged Den Networks and Hathway with Network18 and TV18 to consolidate its media and distribution businesses under one umbrella entity.

    The multinational conglomerate had acquired a majority stake in Hathway and Den in October 2018. At that time, it had invested around $1 billion to acquire 58.92 per cent and 51.34 per cent stake in Den Networks and Hathway Cable, respectively. Prior to this, Hathway was owned by the Raheja Group and Sameer Manchanda held a majority stake in Den.

  • No plans to enter corporate farming business: Reliance

    No plans to enter corporate farming business: Reliance

    NEW DELHI: Reliance Industries Ltd has moved a petition in the Punjab and Haryana high court today, seeking the government’s intervention to bring a complete stop to acts of vandalism by miscreants, who destroyed some of its telecom towers in the states a few days ago.

    “Taking advantage of the ongoing farmers’ agitation near the national capital, these vested interests have launched an incessant, malicious and motivated vilification campaign against Reliance, which has absolutely no basis in truth,” the conglomerate said in a statement.

    While thanking authorities for their action against the vandals, Reliance has sought punitive and deterrent action against miscreants and vested interests in its plea to the high court.

    “These acts of violence have endangered the lives of thousands of its employees and caused damage and disruption to the vital communications infrastructure, sales and service outlets run by its subsidiaries in the two states. The miscreants indulging in vandalism have been instigated and aided by vested interests and our business rivals,” it claimed.

    Reliance has asserted that it has nothing to do with the three farm laws enacted by the Centre, and in no way benefits from them. It added that its subsidiary Reliance Retail, Reliance Jio Infocomm has not engaged in any “corporate” or “contract” farming in the past, and has no plans to enter this business in future.

    The Mukesh Ambani-owned company clarified that it has not purchased any agricultural land, directly or indirectly, in Punjab/Haryana or anywhere else in India, for agricultural purposes. It further mentioned that it does not purchase any food grains directly from farmers, and has never entered into long-term procurement contracts to gain unfair advantage over farmers or sought that its suppliers buy from farmers at less than remunerative prices.

    “Reliance and its affiliates fully share and support the aspiration of Indian farmers to get a fair and profitable price on a predictable basis for what they produce with exemplary hard work, innovation and dedication. Reliance seeks significant augmentation of their incomes on a sustainable basis, and pledges to work towards this goal. Indeed, we shall insist on our suppliers to strictly abide by the Minimum Support Price (MSP) mechanism, and/or any other mechanism for remunerative price for farm produce, as may be determined and implemented by the government,” the company said.

    The conglomerate’s statement comes on a day the government was scheduled to hold talks with protesting farmers in New Delhi. This round of discussions, too, proved inconclusive; the next meeting will be held on 8 January. Meanwhile, farmers have declared their intention to further intensify their movement.

  • RIL completes acquisition of IMG Reliance

    RIL completes acquisition of IMG Reliance

    New Delhi: Reliance Industries has completed the acquisition of shares of IMG Reliance from IMG Singapore Pte Ltd. Going forward, IMG R is a wholly-owned subsidiary of Reliance Industries.

    The holding of the company along with IMG-R in Football Sports Development Limited (FSDL) is 65 per cent and FSDL has become a subsidiary of the RIL.

    The company informed the development in a BSE listing. The sports ambition of Mukesh Ambani continues to grow as IMG Reliance will be soon rebranded.

    Previously, IMG and Reliance had joined hands to build a platform to help market sports, fashion and media and entertainment in India.

    Reliance has paid not more than Rs 52.08 crore for the acquisition. IMG-Reliance  had a turnover of Rs 181.70 crore  with net profit at Rs 16.35 crore in FY 2020, Rs 195.55 Crore with net profit at Rs 19.25 crore in FY 2019, and Rs 158.26 crore with net profit at Rs 15.82 crore respectively.

  • RIL posts strong Q2 earnings, media biz betters performance

    RIL posts strong Q2 earnings, media biz betters performance

    KOLKATA: Reliance Industries Ltd (RIL) reported strong Q2 earnings on Friday. The telecom and retail business has driven the growth and the media business also bettered its performance.

    “We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment, and sustained growth in digital services business,” RIL CMD Mukesh Ambani said.

    “Domestic demand has sharply recovered across our O2C business and is now near pre-Covid2019 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,” he added.

    The company’s operating profit fell 6.6 per cent year-on-year to Rs 10,602 crore in the July-September period. Its revenue fell 24 per cent over last year to Rs 1.16 lakh crore while operating margin widened to 16 per cent from 14.4 per cent earlier.

    Reliance Jio’s revenue including access revenues for the quarter was Rs 21,708 crore, EBITDA stood at Rs 7,971 crore. It netted Rs 3,020 crore quarterly profit, a jump of 185 per cent year on year. The telco operator’s ARPU rose to Rs 145 per subscriber per month.

    How did the media segment perform?

    The media business' revenue rose by 31.5 per cent quarter-on-quarter to Rs 1,061 crore as Covid2019-linked impact on ad-revenues receded over the quarter. EBITDA for the quarter was at Rs 166 crore. Operating margins continued to improve, as broadcasting margins rose sharply, and digital news business swung into profitability.

    The company said in a statement that ad-revenues rebounded sharply, as economic activity restarted on tapering of lockdowns. News business’ advertising has fully recovered, and entertainment recovery is near-complete by the end of the quarter. Subscription revenues have been resilient and domestic subscription revenue continues to rise led by expanding TV and Digital distribution tie-ups.

    “TV viewership has now settled at 1.1x pre-Covid levels. Pay-TV has clawed back its share from free-to-air channels, as entertainment programming is back in full-swing. An increased propensity to pay for content has been witnessed. Flagship properties Moneycontrol and Voot have witnessed rapid growth in subscribers,” it added.

  • Hathway profits up on lower revenue in second quarter

    Hathway profits up on lower revenue in second quarter

    BENGALURU: The Mukesh Dhirubhai Ambani controlled MSO and broadband internet services provider Hathway Cable and Datacom Limited (Hathway) reported consolidated profit after tax (PAT) at Rs 52.33 crore for the quarter ended 30 September 2020 (Q2 2021, quarter or period under review) against loss of Rs 2.42 crore for the corresponding year-ago quarter Q2 2020 (y-o-y). PAT for the period under review was 20.8 percent lower quarter-on-quarter (q-o-q) than the Rs 66.06 crore the company had posted for the immediate trailing quarter Q1 2021. However, consolidated operating EBDITA for the period under review at Rs 120.39 crore (27.9 percent of operating revenue) grew 14.7 percent y-o-y from Rs 105.71 crore (23.8 percent of operating revenue) and was also 1.9 percent higher q-o-q than the Rs 118.18 crore (28.2 percent of operating revenue) in Q1 2021.

    Hathway’s consolidated operating revenue fell 2.5 percent y-o-y in Q2 2021 to Rs 431.24 crore from Rs 442.11 crore in Q2 2020, but was 2.8 percent higher q-o-q than Rs 419.56 crore. Consolidated total income (total revenue) during the quarter fell 9.8 percent y-o-y to Rs 460.66 crore from Rs 510.77 crore, and was 5.6 percent lower q-o-q than Rs 488.22 crore.

    Broadband and CATV segment numbers for Q2 2021

    Hathway has two major segments – broadband internet services (BB) and cable television or CATV.

    BB segment saw operating revenue increase 10 percent y-o-y in Q2 2021 to Rs 153.34 crore from Rs 139.36 crore in the corresponding year ago quarter and grew 4.7 percent q-o-q from Rs 146.51 crore in Q1 2021. The segment’s operating result (operating profit) in Q1 2021 was Rs 6.68 crore as compared to an operating loss of Rs 25.10 crore in Q1 2020, but was 14.8 percent lower than the operating profit of Rs 7.84 crore in Q1 2021.

    CATV segment revenue declined 8.2 percent y-o-y in Q2 2021 to Rs 277.90 crore from Rs 302.75 crore in Q2 2020, but was 1.8 percent more q-o-q than the Rs 273.05 crore for Q1 2021 The segment reported more than two-fold increase in operating result (operating profit) – which grew 116 percent y-o-y in Q2 2021 to Rs 21.32 crore from Rs 9.87 crore in Q2 2020 and was 25 percent higher q-o-q than Rs 17.06 crore in the immediate trailing quarter/

    Let us look at the other numbers reported Hathway for Q2 2021

    All numbers in this report are consolidated unless stated otherwise.

    Total expenditure in Q2 2021 declined 19.9 percent y-o-y to Rs 407.90 crore from Rs 509.50 crore in the corresponding period of the previous year and was 4.7 percent lower q-o-q than Rs 427.92 crore in Q1 2021.

    Pay channel cost during the quarter under review declined 4.4 percent y-o-y to Rs 132.46 crore from Rs 138.55 crore, but was almost flat (up 0.2 percent) q-o-q as compared to Rs 132.18 crore for Q1 2021. Employee cost in Q2 2021 declined 3.6 percent y-o-y to 24.44 crore from Rs 25.36 crore, but was 0.6 percent higher q-o-q than Rs 24.30 crore in Q2 2020. Operational expenses in Q2 2021 grew 19.8 percent y-o-y to Rs 81.65 crore from Rs 68.18 crore and were 5.1 percent more q-o-q than Rs 77.67 crore in Q1 2021.

    Finance cost was less than one-twelfth (declined 91.8 percent) y-o-y to Rs 4.27 crore from Rs 51.87 crore in the corresponding quarter of last year and was a little more than one-eighth (declined 87 percent) than the Rs 32.96 crore in Q1 2021. Other expenses in Q2 2021 declined 31.5 percent y-o-y to Rs 72.30 crore from Rs 105.01, but were 7.5 percent higher q-o-q than the Rs 67.23 crore in Q1 2021.