New Delhi:- Digital services company Jio Platforms reported Friday that its net profit for the fiscal year ending June 2023 rose 12.5 per cent year-on-year to Rs 5.098 billion on the back of growing subscriber numbers and higher utilization per user. The company had reported a net profit of Rs 100 crore. It was $4.53 billion in the same period last year.
In the same quarter, Jio Platforms' operating revenue was Rs 2,611.5 billion, an increase of 11.3% from Rs 2,346.7 billion year-on-year. The company's net customer additions surpassed 90 million, and total traffic increased more than 28% quarter-on-quarter to 33.2 billion gigabytes.
Average revenue per user as measured by ARPU increased by 2.8% year-on-year to Rs 180.5 due to improved subscriber mix and expansion of fixed telephony business.The Jio platform includes telecommunications arm Reliance Jio Infocomm, various startups, music and video streaming apps.
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The company said, "With the rollout of 5G and FTTH, monthly data traffic on the Jio network will exceed 11 exabytes in FY1Q1, driving a massive 28.3% year-on-year growth in data usage." Monthly data usage per capita grew 20% year over year to 24.9 GB.
Jio has deployed more than 1,15,000 of his sites with about 6,90,000 of his 5G cells covering more than 90 percent of census cities. “Jio continues to make rapid progress in deploying its True5G network. Jio plans to complete 5G deployment across India by December 2023,” said Akash M Ambani, Chairman of Reliance Jio Infocomm.
Jio Platforms said its JioBharat platform has successfully completed initial testing on 1 million devices and is ready for expansion.
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“The new Jio Bharat mobile phone is another Jio innovation that combines network and device capabilities to advance the vision of '2G-mukt Bharat' and democratize the internet. With these investments, Jio embarks on a journey to accelerate the growth momentum of connectivity and digital platforms in the coming years," said Ambani.
Jio Platforms CEO Kiran Thomas said about 98% of new additions to JioFibre are postpaid plans.
He said the company plans to use fiber optic technology to accelerate home broadband connections, aiming to connect 100 million homes as soon as possible. Jio Platforms' Reliance Jio Telecommunications Division reported that its net profit increased by more than 12% to Rs 486.3 billion in the June quarter 2023.
Reliance Jio reported a net profit of Rs 100 crore. It was $4.335 billion in the same period last year. Reliance Jio's total revenue increased to INR 24,127 million in the quarter from INR 21,950 million in the same period last year.
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Operating income increased by 9.9% to Rs 2,404.2 billion in the current quarter from Rs 2,187.3 billion in the June quarter 2022.
According to a statement, operating revenue growth was driven by subscriber growth and the expansion of digital services in its connectivity business.
EBITDA increased by 14.8% year-on-year due to increased sales and improved profit margins. The repayment of short-term borrowings in the first quarter of FY2012 lowered funding costs.
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The Ambani’s Jio InfoComm has got up with a huge boom in their profits in the First quarter of the year and also the EBITDA has also increased. This all has happened after the 5GF adoption this year due to the services and also many other reasons.
