Jio Platforms, a leading digital services provider in India, has reported impressive financial results for the quarter ending June 30, 2023. The company’s performance continues to showcase its dominant position in the telecommunications industry.
During the April-June quarter, Jio Platforms achieved a gross revenue of Rs 30,640 crore, marking a notable increase of 11.3 percent compared to the same period last year. The company’s EBITDA stood at Rs 13,116 crore, reflecting a robust growth of 14.8 percent. Additionally, Jio’s net profit reached Rs 5,098 crore, recording a substantial rise of 12.5 percent.
Jio’s network leadership played a pivotal role in driving 9+ million net subscriber additions during the quarter. The company’s per capita data consumption reached approximately 25GB, underscoring its dedication to providing high-quality data services to its vast customer base. Jio’s total data traffic surged by an impressive 28.3 percent to reach 33.2 billion GB for the quarter, demonstrating the widespread adoption of its services.
Voice traffic on Jio’s network also experienced healthy growth, increasing by 7.2 percent to a staggering 1.34 trillion minutes during the same period. The company led the industry’s net subscriber addition with 9.2 million new subscribers during the quarter, while successfully reducing monthly churn to 1.8 percent.
As of June 30, 2023, Jio’s customer base reached an impressive 448.5 million, reaffirming its position as one of the largest telecom providers in the country. This substantial growth was driven by Jio’s range of quality offerings at affordable price points, catering to diverse customer needs.
Jio’s Average Revenue Per User (ARPU) experienced a positive uptick, rising by 2.8 percent to Rs 180.5. This increase can be attributed to a better subscriber mix and the successful ramp-up of its wireline business, further enhancing the company’s financial performance.
The adoption of 5G technology and the ramp-up of Fiber-to-the-Home (FTTH) services were significant contributors to Jio’s strong data usage growth of 28.3 percent. The company’s monthly data traffic crossed an impressive milestone of 11 Exabytes during the quarter, showcasing the increasing reliance of users on Jio’s network for data needs.
Jio has been relentlessly expanding its network infrastructure to support its growing customer base. The company deployed over 115,000 sites with approximately 690,000 5G cells, providing coverage to more than 90 percent of census towns in India. Jio’s network availability and customer experience have helped it maintain its leadership position in the market.
JioFiber, the company’s wired broadband service, has been a major driver of net subscriber additions in the country, contributing to nearly 80 percent of new wired broadband connections. The number of connected premises is rapidly approaching the 10 million mark, indicating the strong demand for reliable high-speed internet services.
Commenting on the outstanding performance, Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), stated, “Jio’s range of quality offerings at affordable price points has enabled strong growth in the subscriber base, which reflects in the financial performance of the digital services business. Speedy roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace.”
Akash M Ambani, Chairman of Reliance Jio, also expressed his enthusiasm for the company’s future prospects, saying, “The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate ‘2G-MUKT BHARAT’ vision and democratize the internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years.”