Jio Platforms reports 8.9% net profit growth

24 Jan 2022

Jio Platforms, the telecom services wing of Indian conglomerate Reliance Industries Limited (RIL) and parent company of full-service provider Reliance Jio Infocomm (Jio), reported gross revenue of INR241.8 billion (USD3.25 billion) for the three months to end-December 2021, up from INR228.6 billion in the same period of 2020. EBITDA for the period grew by 18.0% year-on-year to INR100.8 billion, whilst net profit reached INR38.0 billion. The company claimed a total 421.0 million subscriptions, with quarterly ARPU of INR151.6. Total data traffic for the quarter was 23.4 billion GB, an increase of 47.8% y-o-y, whilst voice traffic grew by 17.9% over the same period to 1.15 trillion minutes.

Jio reported that SIM consolidation and ‘repurposing of customer retention efforts’ contributed to a net reduction of 8.4 million subscriptions. The operator added that the decline was ‘mainly driven by subscribers with inconsistent engagement and lower-end subscribers’. Jio increased its prepaid tariffs by around 20% on 1 December, and the telco notes that the price hike – combined with the change in its subscriber mix – led to improvements in ARPU (up 5.6% quarter-on-quarter) and average monthly data consumption (up to 18.4GB).

India, Reliance Jio Infocomm (Jio)