Jio Platforms Net Profit Rises to Rs. 5,098 Crore in the First Quarter Amid 5G Adoption

Digital Services Company Jio platforms On Friday it posted a 12.5 percent year-on-year rise in net profit at Rs. 5,098 crore in the quarter of June 2023 due to increase in subscribers and better awareness of each user. The company posted a dividend of Rs. 4,530 crore in the same period last year.

Revenue from Jio Platforms services reached Rs. 26,115 crore in the reported quarter, up 11.3 percent from Rs. 23,467 crore last year.

The company’s subscriber growth exceeded 90 lakh and data volume jumped more than 28% YoY to 33.2 billion gigabytes during the quarter.

Average revenue per user, measured in terms of ARPU, increased by 2.8 percent YoY to Rs. 180.5 boosted by a good mix of subscribers and increasing wireline business.

Jio Platforms has a telecom arm Reliance Jio Infocommmany basics, and music and video editing software.

“The adoption of 5G and FTTH upgrades-driving a strong 28.3 percent YoY growth in data usage as the monthly data volume on Jio’s network crossed 11 Exabytes in the first quarter of FY’24,” the company said. Per Capita monthly data usage increased 20 percent year-on-year to 24.9GB.

Jio has deployed more than 1,15,000 sites with around 6,90,000 5G cells covering 90 percent of the census towns.

“Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete the pan India 5G rollout before December 2023,” said Reliance Jio Infocomm, Chairman, Akash M Ambani.

Jio Platforms said its JioBharat platform is ready for expansion with an initial test of 1 million devices.

“The new JioBharat phone is another initiative by Jio to integrate network and hardware technology to help accelerate the vision of ‘2G-mukt Bharat’ and democratize the Internet. With this investment, Jio is embarking on a journey to accelerate growth across connectivity and digital platforms in the coming years,” Ambani said.

Jio Platforms CEO Kiran Thomas said that around 98 percent of new additions to JioFibre are coming due to subscriptions.

He said the company plans to use air fiber technology to speed up broadband connections to homes with the goal of connecting 100 million people first.

Jio Platforms telecom arm Reliance Jio reported a further 12% rise in profit to Rs. 4,863 crore in the June 2023 quarter.

Reliance Jio posted a net profit of Rs. 4,335 crore in the same period last year.

Reliance Jio’s total revenue during the reporting period rose to Rs. 24,127 crore from Rs. 21,995 crore a year ago.

Income from operations increased by 9.9 percent to Rs. 24,042 crore during the reported period from Rs. 21,873 crore in the June 2022 quarter.

The growth in operating income was boosted by subscriber gains in the telecommunications business and an increase in digital services, according to the statement.

EBITDA grew by 14.8% year-on-year led by higher revenue and better opportunities, it said. Capital expenditure is lower due to repayment of short term loans in 1Q FY24.

Will the Nothing Phone 2 replace the Phone 1, or will the two coexist? We talk about the company’s latest phone and more in the latest episode of Orbital, Gadgets 360 podcast. Orbital is available at Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you can find your podcasts.
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