"Reliance Industries' Telecom Arm Achieves Growth in Revenue and Subscriber Base, Sets Sights on Pan-India 5G Rollout"
Jio Infocomm, the telecom arm of Reliance Industries, reported a standalone net profit of Rs 4,863 crore for the quarter ending in June. This marks a 12.17 percent increase compared to the same period last year, and a 3.11 percent increase from the previous quarter.
The company's revenue from operations reached Rs 24,042 crore, showing a 9.91 percent year-on-year rise and a 2.76 percent increase from the previous quarter.
Jio's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter stood at Rs 12,278 crore, with a slight 0.55 percent increase from the previous quarter. The EBITDA margin remained steady at 52.3 percent.
The debt equity ratio of the company was 0.21 times, compared to 0.16 times a year ago. The operating margin remained steady at 26.2 percent, while the net profit margin increased to 17.2 percent.
According to Akash M Ambani, Chairman of Reliance Jio Infocomm, Jio is progressing rapidly in rolling out its True5G network and aims to complete the pan-India 5G rollout before December 2023. He also mentioned the launch of the new JioBharat phone, which combines network and device capabilities to accelerate the vision of a '2G-MUKT BHARAT' (2G-free India) and democratize internet access.
Jio retained its position in leading the industry's net subscriber addition with 9.2 million new subscribers in Q1. The monthly churn rate was reduced to 1.8 percent during the quarter.
The Average Revenue per User (ARPU) per month increased by 2.8 percent year-on-year to Rs 180.5, driven by a better subscriber mix and growth in the wireline business. The company attributed the strong 28.3 percent YoY growth in data usage to the adoption of 5G and the ramp-up of Fiber to the Home (FTTH) services, resulting in monthly data traffic on the Jio network surpassing 11 exabytes during Q1.
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