Jio Platforms Q2 net profit rises 12 pc to Rs 5,297 cr

NEW DELHI: Digital services company Jio Platforms on Friday posted a 12 per cent increase in the second quarter net profit at Rs 5,297 crore, mainly on account of growth in customers.

The company had posted a net profit of Rs 4,729 crore in the same period a year ago.

The revenue from operations of the company grew 10.7 per cent to Rs 26,875 crore during the reported quarter, from Rs 24,275 crore in the September 2022 quarter.

Jio Platforms, parent firm of Reliance Jio, reported a 2.5 per cent growth in average revenue per user at Rs 181.7 per month during the quarter from Rs 177.2 a year ago.

The company's subscriber base during the quarter grew by 7.5 per cent year-on-year to 45.97 crore, with net subscriber addition of 1.11 crore new customers.

Jio Platforms launched JioAirFiber in eight cities during the quarter.

The company said that the JioBharat phone, which was launched in July, has gained substantial market share in the non-smartphone segment within the first few months of its launch.

"The JioBharat phone will enable digital inclusion for millions of Indians and catalyse India's transformation to next-gen connectivity solutions. By December 2023, we will also complete the Pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation," RIL Chairman and Managing Director, Mukesh D Ambani said in a statement.

He said Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone.

"Based on our state-of-the art standalone 5G network, JioAirFiber significantly expands the reach and benefit of high-speed connectivity to millions of households across India," Ambani said.

Jio has deployed over 1 million 5G cells pan-India with coverage across about 8,000 cities and towns.

"Jio True5G will soon be available pan-India to usher in a new digital era for Indians. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability," Reliance Jio Chairman Akash Ambani said.

Reliance Jio Infocomm has reported an almost 12 per cent year-on-year rise in standalone net profit to Rs 5,058 crore for the September 2023 quarter.

The net profit was Rs 4,518 crore in the year-ago period.

Its revenue from operations rose 9.8 per cent to Rs 24,750 crore.

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 satellite telecommunications network provider SES to access the world's latest in medium earth orbit (MEO) satellite technology, the only MEO constellation capable of delivering truly unique Gigabit, fiber-like services from space.