Jio books net profit of INR43.4bn

Reliance Jio Infocomm (Jio), India’s largest mobile and fixed broadband provider by subscriptions, has reported its financial results for the three months to end-June 2022, booking total revenues of INR219.6 billion (USD2.75 billion), up from INR180.1 billion in the same period of 2021. Total expenses grew by a similar amount over that period to reach INR161.4 billion from INR133.1 billion – driven by rises in network operating expenses (up 14.5% year-on-year to INR68.4 billion) and depreciation and amortisation. Net profit nevertheless rose by 24.0% y-o-y to INR43.4 billion. Jio’s parent company Jio Platforms, which encompasses all the digital services wing of Indian conglomerate Reliance Industries Limited (RIL), reported a total customer base of 419.9 million as at 30 June 2022. ARPU continued to improve, growing by 27.0% y-o-y (and 4.8% quarter-on-quarter) to INR175.7, aided by continued growth of fixed broadband subscriptions and SIM consolidation. Total voice and data traffic for the period stood at 1.25 trillion minutes (+17.2% y-o-y) and 25.9 billion GB (up 27.2%), respectively, with average monthly usage rising to 1,001 minutes and 20.8GB.