Jio Platforms net profit rises 23% to Rs 4,313 crore; revenue up 21.8%

Jio Platforms net profit rises 23% to Rs 4,313 crore; revenue up 21.8%

Reliance Jio’s net profit jumped 22.9 per cent to Rs 4,313 crore year-on-year (YoY) in the fourth quarter of FY22, thanks to an increase in revenue and data volume.

Jio, however, continued to lose subscribers for the third consecutive quarter. Its customer base shrunk 10.9 million to 410.2 million at the end of fourth quarter. The company blamed SIM consolidation for the drop in customer base. It said consolidation was now slowing as the tariff hike impact had been absorbed.

Revenue from operations for the quarter grew 21.8 per cent to Rs 22,261 crore.

The average revenue per user (ARPU) in Q4 stood at Rs 167.6, which was 21.3 per cent higher YoY and 10.5 per cent higher sequentially. The rise in APRU was led by tariff hike, better subscriber mix, more customer engagement, and the expansion of broadband internet business, the company said. Jio is the largest home broadband service provider with over 5 million connections.

Last November, mobile service providers increased their tariffs by 20 per cent.

Earnings before interest, tax depreciation, and amortisation (Ebitda) grew 27.4 per cent YoY to Rs 10,918 crore. Margins rose by 210 bps to 49 per cent, led by a rise in ARPU in the connectivity business.

The average data consumption per user per month increased to 19.7 GB, up from 18.4 GB in the third quarter FY22.

In a press statement, Jio said it conducted extensive 5G field trials across eight states, testing a comprehensive suite of products. Peak user throughput achieved was over 1.5 Gbps in these trials. Multi-vendor interoperability and interworking has also been verified, it said.

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