Jio Platforms’ net profit up 12.5%, record-high gross rev in Q1
The company announced the addition of over 9 million net subscribers in the quarter
Jio Platforms’ Q1 of FY24 results showcased a record-high gross revenue at 30,640 crore, up 11.3% Y-o-Y. The company’s EBITDA for the quarter was a record ₹13,116 crore, up 14.8% Y-o-Y. Net profit for the quarter stood at Rs 5,098 crore up 12.5% Y-o-Y.
“Jio network leadership drives 9+ million net subscriber addition, and 25GB of per capita data consumption; Jio’s total data traffic jumped 28.3% Y-o-Y to 33.2 billion GB for the quarter; Voice traffic grew 7.2% to 1.34 trillion minutes,” said the company.
With 9.2 million net subscribers added in the quarter, its monthly churn also reduced to 1.8%. The platform's customer base stood at 448.5 million as on 30th June 2023.
Jio’s ARPU increased 2.8% YoY to Rs 180.5 driven by a better subscriber mix and ramp-up of wireline business . 5G adoption and FTTH ramp-up drives strong 28.3% YoY growth in data usage as monthly data traffic on Jio network crosses 11 Exabytes during the quarter.
The platform also said that it has deployed over 115,000 sites with 690,000 5G cells covering more than 90% census towns and is leading in terms of both network availability and customer experience.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments. Jio’s wide range of quality offerings at affordable price points has enabled strong growth in subscriber base, which reflects in the financial performance of the digital services business. Accelerated roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace. In another step towards democratizing internet in India, Jio launched the “JioBharat” Phone Platform, making internet technology accessible and affordable to every Indian. Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. The contribution of Digital and New Commerce initiatives is scaling up, delivering value to consumers and providing synergistic benefits to merchant partners."
