Jio Platforms Net Profit Rises to Rs. 5,098 Crore in First Quarter Amid 5G Adoption
Digital services company Jio Platforms on Friday posted a 12.5 percent year-over-year rise in net profit at Rs. 5,098 crore in the June 2023 quarter on account of subscriber additions and better realisation per user. The company had posted a net profit of Rs. 4,530 crore in the same period a year ago.
The revenue from operations of Jio Platforms came in at Rs. 26,115 crore during the reported quarter, up 11.3 percent from Rs. 23,467 crore over the year-ago period.
The net subscriber addition of the company surpassed 90 lakh with total data traffic jumping over 28 percent YoY to 33.2 billion gigabytes for the quarter.
The average revenue per user, measured in terms of ARPU, improved by 2.8 percent YoY to Rs. 180.5 fuelled by a better subscriber mix and ramp-up of wireline business.
Jio Platforms comprises telecom arm Reliance Jio Infocomm, a host of startups, and music and video streaming apps.
"5G adoption and FTTH ramp-up drive strong 28.3 percent Y-o-Y growth in data usage as monthly data traffic on the Jio network crosses 11 Exabytes during the first quarter of FY'24," the company said. The Per Capita monthly data usage increased 20 percent year-on-year to 24.9GB.
Jio has deployed over 1,15,000 sites with about 6,90,000 5G cells covering more than 90 percent of census towns.
"Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete pan India 5G rollout before December 2023," Reliance Jio Infocomm, Chairman, Akash M Ambani said.
Jio Platforms said that its JioBharat platform is ready for scale-up with successful initial trials of 1 million devices.
" The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate the '2G-mukt Bharat' vision and democratize the internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years," Ambani said.
Jio Platforms CEO Kiran Thomas said that around 98 percent of new additions in JioFibre are coming in for postpaid plans.
He said the company is planning to use air fibre technology to accelerate broadband connectivity to homes with a target to connect 100 million at the earliest.
Jio Platforms telecom arm Reliance Jio reported over 12 percent rise in net profit to Rs. 4,863 crore in the June 2023 quarter.
Reliance Jio had posted a net profit of Rs. 4,335 crore in the same period a year ago.
The total income of Reliance Jio during the reported quarter rose to Rs. 24,127 crore from Rs. 21,995 crore a year ago.
The revenue from operations increased by 9.9 percent to Rs. 24,042 crore during the reported quarter from Rs. 21,873 crore in the June 2022 quarter.
The operating revenue growth was fuelled by subscriber gains in the connectivity business and the scale-up of digital services, according to a statement.
EBITDA grew 14.8 percent year on year led by revenue increase with better margins, it said. Finance Cost is lower due to repayment of short-term loans in 1Q FY24.
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