Jio Platforms Reports 11.7% Rise in Q1 Net Profit to Rs 5,698 Cr, Driven by Subscriber Growth; ARPU Holds Steady

Jio Platforms, on Friday, posted a strong 11.7 per cent rise in consolidated net profit for the quarter ended June at Rs 5,698 crore, driven by subscriber additions, even as ARPU was flat on a sequential basis. Its total subscriber base has now crossed the 490 million mark, including 130 million 5G users, thereby cementing its position as the largest 5G operator outside China.

Gross revenue for the quarter thus came in at Rs 34,548 crore for Jio Platforms, up 12.8 per cent year-on-year, even as revenue from operations stood at Rs 29,449 crore, an identical growth rate. This revenue growth was driven by strong subscriber growth in both mobility and homes segments.

Jio attributed an increase of 11.6 percent in EBITDA to good revenue performance and operational efficiencies. Though ARPU sequentially remained flat at Rs 181.7, there was a marginal incremental growth of 0.7 percent on a YoY basis. The company mentioned that tariff increases effected on July 3, 2024, will reflect in its financial metrics from the September quarter onward.

Mukesh Ambani, chairman and managing director of Reliance Industries, expressed satisfaction over the sterling financial performance of Jio's digital services business, adding that it continued to demonstrate strong growth momentum. He further emphasized leadership in the 5G space and growing consumer adoption of its fixed broadband services.

It further reported that data and voice traffic had grown 32.8 percent year-on-year and by 6.6 percent, respectively. This took the per capita data consumption to a high of 30.3 GB per month, again cementing Jio's position as the global leader in data traffic.

While low-cost, high-quality internet is the clarion call of Digital India, Akash Ambani said it was Jio that is taking industry innovation toward 5G and AI. He assured them of continued market leadership through customer-centric service offerings and superior network quality.

Reliance Jio Infocomm, the telecom arm of Reliance Industries, has posted a standalone net profit of Rs 5,445 crore for the June quarter, a jump of 12 percent from a year ago. Sequentially, revenue from operations rose 10 percent year-over-year to Rs 26,478 crore.

Overall, Jio's Q1 FY25 performance underscores its robust growth trajectory amidst a dynamic telecom landscape, underpinned by rising subscribers, increasing data consumption, and strategic investments in next-generation technologies.