Jio Platform Limited’s (JPL) net profit rose from Rs 36.51 billion in Q1 FY22 to Rs 45.3 billion in Q1 FY23, posting a growth of 24.1 per cent year-on-year. The rise was primarily driven by higher data and voice consumption and increased average revenue per user (ARPU) on tariff hikes.
The gross revenue for the quarter stood at Rs 275.27 billion ($ 3.5 billion), higher by 23.6 per cent Y-o-Y. Meanwhile, EBITDA for the quarter stood at Rs 114.24 billion ($ 1.4 billion), higher by 28.5 per cent Y-o-Y. EBITDA Margin at 48.7 per cent, increased 176 bps Y-o-Y due to ARPU increase in connectivity business partly offset by inflationary pressure on operating costs. Cash Profit for the quarter stood at Rs 104.05 billion.
Meanwhile, the total customer base was 419.9 million as of June 30, 2022. Net subscriber addition witnessed a strong rebound to 9.7 million driven by continued strength in gross adds (35.2 million in 1Q FY23) and reduced SIM consolidation impact.
ARPU during the quarter was Rs 175.7 per month, witnessing a healthy 27 per cent growth on Y-o-Y basis and 4.8 per cent growth on Q-o-Q basis. The total data traffic stood at 25.9 billion GB during the quarter registering 27.2 per cent growth Y-o-Y. Total voice traffic stood at 1.25 trillion minutes during the quarter registering 17.2 per cent growth Y-o-Y.
As for the connectivity business, Jio continued to extend its leadership position in FTTH services with further acceleration in homes connected. As per industry data published by TRAI, Jio has over 80 per cent market share of new customer additions in wireline segment.
Commenting on the results, Mukesh D. Ambani, chairman and MD, Reliance Industries Limited, said, “Customer engagement on our digital services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and fibre-to-the-home (FTTH) subscriber additions.”