Jio Platforms Q2 Results: Profit rises 14% YoY to Rs 8,389 crore; revenue up 11%

In its maiden results following a healthy listing earlier in the week, Jio Platforms on Friday reported 14% growth in consolidated net profit to Rs 8,389 crore on the back of healthy subscriber additions, growth in digital services business and marginal increase in average revenue per user (ARPU).

Revenue from operations increased 11% to Rs 40,475 crore from Rs 36,332 crore a year earlier.

On a sequential basis, profit rose 8% from Rs 7,765 crore posted in the preceding June quarter, while revenue rose 3% quarter-on-quarter.

Jio's quarterly results mark the first earnings announcement after its October 28 stock market debut. The company's shares listed at Rs 1,358, a premium of 21% over issue price of Rs 1,119.

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EBITDA for the quarter increased 17% YoY, driven by revenue growth, operating leverage and margin expansion of 250 bps.

ARPU (Average revenue per user) rose further to Rs 218.8 in the second quarter with promotional schemes for fixed broadband customers offsetting better subscriber mix and increased usage.

"We warmly welcome our new shareholders to the Jio Platforms family as we enter a new era as a listed company. This quarter’s results continue to reflect the strength of our 5G network, and the growing reach of our broadband and digital services," said Akash M Ambani, MD of Jio Platforms.

The Ambani scion further said the company had been ahead of the curve on next generation technology investments, which acted as the foundation of Jio’s success over the past decade. He assured shareholders that the company would continue to build capabilities across satellite communications, 6G intellectual property and AI embedded in core voice and data services.

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Operationally, EBITDA margin improved 250 basis points to 54.1%.

Per capita data consumption was 44.2 GB/ month with total data traffic growth of 22% YoY during the second quarter. Monthly churn was stable at 1.6% with net subscriber addition of 9.1 million during the quarter.

Jio Platforms Q2 Results: Subscriber base

As of September end, Jio has 5G subscriber base of 300 million users, up 66 million over the last 12 months. Customer engagement also remained robust with 5G now accounting for 56% of total wireless traffic.

Total fixed droadband subscribers stood at 30 million with 7.3 million additions over the last 12 months. Jio AirFiber with total base of 15.1 million subscribers, has driven more than 75% of Jio’s fixed broadband additions during the last 12 months.

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