Jio Platforms books 23.5% y-o-y increase in net profit

25 Oct 2021

Jio Platforms, the telecom services wing of Indian conglomerate Reliance Industries Limited (RIL) and parent company of full-service provider Reliance Jio Infocomm (Jio), registered consolidated gross revenue of INR232.2 billion (USD3.1 billion) for the three months to end-September 2021, up from INR217.1 billion in the same period of 2020. EBITDA for the quarter was up 16.6% year-on-year to INR92.9 billion, whilst net profit grew to INR37.3 billion from INR30.2 billion a year earlier. The group counted a total of 429.5 million subscriptions as at 30 September 2021 but noted that alongside gross additions of 35.6 million subscriptions during the quarter, a ‘COVID-led spike in churn of low-end subscribers’ led to a net loss of 11.1 million subscriptions during the three-month period. However, the change to its subscriber mix drove an increase in ARPU to INR143.6, whilst average monthly data and voice usage rose to 17.6GB and 840 minutes, respectively. Total data traffic for the period was 23.0 billion GB – an increase of 50.9% y-o-y, whilst voice traffic increased by 17.6% y-o-y to 1.09 trillion minutes.

India, Reliance Jio Infocomm (Jio)