digital service company Jio Platforms On Friday, a 12.5 percent year-on-year increase in net profit was reported. 5,098 crore in the June 2023 quarter due to subscriber growth and better realization per user. The company had earned a net profit of Rs. It was Rs 4,530 crore in the same period a year ago.
Revenue from operations of Jio Platforms stood at Rs. 26,115 crore during the reported quarter, up 11.3 per cent from Rs. It was Rs 23,467 crore in the year-ago period.
The company’s total customer base exceeded 9 million during the quarter, and total data traffic grew 28 percent year-on-year to 33.2 billion gigabytes.
Average revenue per user, measured in terms of ARPU, grew by 2.8 percent year-on-year to Rs. 180.5 enjoyed a better subscriber mix and a rapid boost in wireline business.
Jio Platforms includes telecom arm Reliance Jio InfocommSeveral startups, and music and video streaming apps.
“5G adoption and FTTH ramp-up led to a strong 28.3 per cent year-on-year growth in data usage as monthly data traffic on Jio network crossed 11 exabytes during Q1 FY24,” the company said. Per capita monthly data usage grew 20 percent year-on-year to 24.9GB.
Jio has deployed over 1,15,000 sites with around 6,90,000 5G cells, covering over 90 per cent of census towns.
Reliance Jio Infocomm Chairman Akash M Ambani said, “Jio is making rapid progress in launching its true 5G network. Jio is on track to complete pan-India 5G rollout before December 2023.”
Jio Platforms said its JioBharat platform is ready for scale-up with successful initial trials of 1 million devices.
“The new JioBharat phone is yet another innovation by Jio by combining network and device capabilities to help accelerate the vision of ‘2G-free India’ and democratize the internet. With these investments, Jio is on a journey to accelerate the pace of growth on connectivity and digital platforms in the years to come,” Ambani said.
Jio Platforms CEO Kiran Thomas said that around 98 per cent of new additions to JioFibre are coming for postpaid plans.
He said the company plans to use air fiber technology to accelerate broadband connectivity to homes with a target of connecting 100 million people at the earliest.
Reliance Jio, the telecom arm of Jio Platforms, reported an increase of over 12 per cent in net profit. 4,863 crore in the June 2023 quarter.
Reliance Jio had earned a net profit of Rs. It was Rs 4,335 crore in the same period a year ago.
During the quarter under review, the total income of Reliance Jio increased to Rs. 24,127 crore to Rs. A year ago it was Rs 21,995 crore.
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.
According to a statement, the operating revenue growth was driven by customer gains in the connectivity business and increased scale of digital services.
It added that EBITDA grew by 14.8 per cent year-on-year due to revenue growth coupled with better margins. Finance cost is lower due to repayment of short term loans in the first quarter of FY2014.