Reliance Jio Q1 Profit Up 24.1% To INR 4,530 Cr, ARPU Rises To INR 175.7

Reliance Jio on Friday (July 22) reported a 24.1% year-on-year (YoY) jump in its net profit to INR 4,530 Cr in the first quarter of financial year 2022-23 (FY23), helped by a strong trend of new customer additions.

In the corresponding quarter of last fiscal year, the net profit of Jio Platforms, the subsidiary of Reliance Industries Ltd (RIL) which houses telecom company Reliance Jio Infocomm, stood at INR 3,651 Cr. On a quarter-on-quarter (QoQ) basis, Jio Platforms’ profit rose 5% during the June quarter.

Revenue from operations surged 24% YoY to INR 23,467 Cr during the quarter, while sequentially it rose 5.4% from INR 22,261 Cr.

Gross revenue increased to INR 27,527 Cr during the quarter from INR 22,267 Cr in Q1 FY22. 

“I am also happy with the progress of our consumer platforms. 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 FTTH subscriber additions,” RIL CMD Mukesh Ambani said. 

Reliance Jio’s ARPU Grows To INR 175.7

Reliance Jio’s average revenue per user (ARPU) stood at INR 175.7 per month during the quarter, a growth of 27% YoY. However, ARPU was only 4.8% higher from INR 167.6 reported in the preceding March quarter. 

Reliance Jio’s total customer base rose to 419.9 Mn as of June 30, 2022 from 410.2 Mn on March 31, 2022. 

It is pertinent to mention that as per the Telecom Regulatory Authority of India’s (TRAI) data, Reliance Jio added more than 3.1 Mn wireless subscribers in May. It led the wireless market with a market share of 35.69%, up from 35.5% in April.

In a statement, the company said that net subscriber addition witnessed a strong rebound to 9.7 Mn, driven by continued strength in gross additions (35.2 Mn in 1Q FY23) and reduced SIM consolidation impact. 

Meanwhile, Reliance Jio’s total data traffic stood at 25.9 Bn GB during Q1 FY23, a 27.2% YoY growth, while its total voice traffic was at 1.25 Tn minutes during the quarter, up 17.2% on a YoY basis.

Overall, RIL reported a 40.8% YoY increase in its consolidated net profit for June quarter at INR 19,443 Cr.

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