Reliance Jio Infocomm, a subsidiary of Reliance Industries‘ digital unit Jio Platforms, reported year-on-year growth of 28 percent in its standalone net profit at Rs 4,518 crore for the September quarter.
On a sequential basis, the profit grew by 4 percent.
The company recorded revenues of Rs 22,521 crore for the quarter in review, up 20 percent from a year ago. Sequentially, revenues increased by 3 percent.
Performance was driven by higher net customer additions and an increase in average revenue per user.
Average revenue per user (ARPU) during the quarter of Rs 177.2 per subscriber per month saw a healthy 23.5 percent growth compared to year-ago period due to better seasonality and improving subscriber mix, Reliance Industries said in its BSE filing. The net subscriber addition was healthy at 7.7 million as gross addition remained strong at 32.7 million in Q2FY23.
The company further said the total customer base as of September 2022 was 427.6 million, while the data traffic of 28.2 billion GB during the quarter increased by 22.7 percent compared to corresponding period last fiscal.
“I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter. We saw consistent net subscriber additions and higher engagement in digital services segment,” Mukesh Ambani, Chairman and Managing Director said.
He further said Jio has announced beta trial for its industry-leading Standalone 5G services and is making rapid progress for an ambitious and the fastest ever roll out of True 5G on pan-India basis.
Jio aims to complete its pan India 5G rollout by December 2023.
Meanwhile, Jio Platforms clocked a healthy 26.9 percent year-on-year growth in consolidated profit at Rs 4,729 crore for the quarter ended September FY23, backed topline as well as operating performance.
The revenue from operations grew by 22.7 percent year-on-year to Rs 24,275 crore driven by ARPU increase for the connectivity business.
At the operating level, Jio Platforms recorded a 29.2 percent year-on-year increase in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 12,011 crore led by strong revenue growth and margin improvement.
The margin at 49.5 percent increased by 250 bps YoY due to ARPU increase in connectivity business partly offset by inflationary pressure on operating costs, Reliance said. The sequential increase EBITDA was 5 percent and margin expanded by 80 bps.
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