Jio Platforms has recorded a significant 12.5% year-over-year increase in net profit and reached up to Rs. 5,098 crore in the first quarter of June (2023). This growth was attributed to a surge in subscriber additions and better realization per user. The company's revenue from operations also rose by 11.3% to Rs. 26,115 crore compared to the same period the previous year.
During the reported quarter, Jio Platforms witnessed a net addition of over 90 lakh subscribers, with total data traffic soaring over 28% YoY to 33.2 billion gigabytes. The average revenue per user (ARPU) improved by 2.8% YoY to Rs. 180.5, fueled by an improved subscriber mix and expansion of its wireline business.
Jio Platforms, which includes telecom arm Reliance Jio Infocomm and various startups, has seen significant progress in 5G adoption and FTTH (Fiber-to-the-Home) ramp-up. The company deployed over 1,15,000 sites with about 6,90,000 5G cells, covering more than 90% of census towns. It aims to complete the pan India 5G rollout before December 2023.
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Jio's JioBharat platform has also achieved successful initial trials of 1 million devices. The company introduced the JioBharat phone, an innovative product combining network and device capabilities to accelerate the vision of a '2G-mukt Bharat' (a 2G-free India) and democratize internet access.
Kiran Thomas, CEO of Jio Platforms, revealed that around 98% of new additions in JioFibre are for postpaid plans. The company plans to use air fibre technology to accelerate broadband connectivity to homes, aiming to connect 100 million households at the earliest.
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Reliance Jio, the telecom arm of Jio Platforms, reported a net profit of Rs. 4,863 crore, representing a 12% rise compared to the same period last year. The company's total income increased to Rs. 24,127 crore, with operating revenue growing by 9.9%. This growth was primarily driven by subscriber gains in the connectivity business and the expansion of digital services.
Jio's positive financial performance and ambitious plans to expand its network and services indicate its commitment to maintaining a leading position in the highly competitive Indian telecommunications market.
