Jio Platforms, a digital services company, announced a 12.5% increase in net profit for the June 2023 quarter, reaching Rs. 5,098 crore. This growth can be attributed to the addition of subscribers and higher realization per user. In the same period last year, the company recorded a net profit of Rs. 4,530 crore.
The revenue from operations of Jio Platforms also saw a significant rise, reaching Rs. 26,115 crore in the reported quarter, an 11.3% increase compared to Rs. 23,467 crore in the year-ago period.
During the quarter, Jio Platforms added over 90 lakh subscribers, resulting in a total data traffic increase of over 28% YoY, reaching 33.2 billion gigabytes.
The average revenue per user, measured by ARPU, improved by 2.8% YoY to Rs. 180.5. This improvement was driven by a better subscriber mix and the growth of the wireline business.
Jio Platforms consists of Reliance Jio Infocomm, various startups, and music and video streaming apps.
The company stated, “5G adoption and FTTH ramp-up drive strong 28.3% YoY growth in data usage as monthly data traffic on the Jio network crosses 11 Exabytes during the first quarter of FY’24.” The per capita monthly data usage witnessed a 20% YoY increase, reaching 24.9GB.
With over 1,15,000 sites and 6,90,000 5G cells, Jio has provided coverage to more than 90% of census towns. Chairman of Reliance Jio Infocomm, Akash M Ambani, expressed confidence in completing the pan-India 5G rollout before December 2023.
Jio Platforms announced that its JioBharat platform is ready to scale up after successful initial trials of 1 million devices. Ambani believes that the new JioBharat phone will contribute to accelerating the vision of a ‘2G-mukt Bharat’ and democratizing the internet.
CEO Kiran Thomas mentioned that about 98% of new JioFibre additions are opting for postpaid plans. The company plans to utilize air fibre technology to enhance broadband connectivity and aims to connect 100 million homes at the earliest.
Reliance Jio, the telecom arm of Jio Platforms, reported a 12% increase in net profit to Rs. 4,863 crore for the June 2023 quarter. In the same period last year, it recorded a net profit of Rs. 4,335 crore. The total income of Reliance Jio rose to Rs. 24,127 crore from Rs. 21,995 crore, a year-on-year increase of 9.9%.
The growth in operating revenue was driven by subscriber gains in the connectivity business and the expansion of digital services. The company also reported a 14.8% YoY growth in EBITDA due to increased revenue and improved margins. Additionally, a decrease in finance cost was observed due to the repayment of short-term loans in the first quarter of FY24.
In summary, Jio Platforms and Reliance Jio showcased strong financial performance in the June 2023 quarter, with significant growth in net profit and operating revenue. The company’s focus on 5G rollout, digital services, and broadband connectivity highlights its commitment to accelerating growth in the future.
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