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Reliance Jio reported a 12 per cent increase in net profit in the second quarter of the current fiscal. Profits rose to ₹5,058 crore (₹4,518 crore in Q2 FY23). Revenue from operations rose 9.9 per cent to ₹24,750 crore (₹22,521 crore).
EBITDA margins at 50.3 per cent per cent increased 80 bps year-on-year. EBITDA for the operator was at ₹13,528 crore, up 12.6 per cent y-oy.
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Subscriber base for the operator was at 459.7 million, adding 11.1 million subscribers in this quarter. The operator increased its subscriber base by 7.5 per cent on y-oy basis. Jio said 70 million subscribers have migrated to 5G. The management claims they are seeing rapid adoption of 5G among the youth, and the number of premium phones (above ₹20,000) has doubled since March on the network.
ARPU increased 2.5 per cent y-oy to ₹181.7, driven by better subscriber mix across mobility and wireline, according to the operator. Jio also added over 3 Exabytes of data traffic for the second successive quarter in Q2 FY24. Total data and voice traffic increased 28.5 per cent and 8.3 per cent y-oy, respectively.
Jio also provided commentary on its new launches in the first half of this fiscal year. Jio has launched an affordable 2G phone, JioBharat, which it has claimed has gained substantial market share in the 2G segment.
launch of JioAirFiber
JioAirFiber was launched in eight cities (Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune) on the occasion of Ganesh Chaturthi in September, with pan-India coverage expected in coming months.
During the India Mobile Congress 2023, Jio demonstrated India’s first satellite-based gigabit broadband to connect the remotest corners of the country. Jio is partnering with SES to access the latest medium earth orbit (MEO) satellite technology. With this, Jio has added JioSpaceFiber to its line-up of broadband services, JioFiber and JioAirFiber.
Akash M Ambani, Chairman of Reliance Jio Infocomm, said: “Jio True5G will soon be available pan-India to usher in a new digital era for Indians. JioAirFiber has seen very strong customer interest, and is set to transform broadband infrastructure in the country by offering fiber-like digital experience to homes and small enterprises. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio, which will accelerate market share gains and profitability.
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