Reliance Jio Q1 Results: Reliance Jio Q1 Results: Net income up 24%, ARPU rises to Rs 175.7 | Techno Glob

Jio Platforms Ltd. (JPL) grew 24% in the first quarter of fiscal year 2022-23 (FY23), driven by higher data and voice consumption and higher average revenue per user (ARPU).

It also halted subscriber losses after three quarters, reporting 9.7 million net additions to take its subscriber base to 419.9 million at the end of the quarter, which analysts said signaled the end of the SIM consolidation seen since rate hikes late last year.

JPL’s consolidated net profit for the June quarter stood at Rs 4,530 crore compared to Rs 4,313 crore in March and Rs 3,651 crore a year ago, the company said in a media release on Friday.

“Customer engagement on our digital services platform remains high. Jio is working towards expanding data access for all Indians and I am happy to see positive trends in mobility and FTTH subscriber additions,” said Mukesh D. Ambani, Chairman,

Industries (RIL), in a statement. RIL is the parent of JPL.

JPL’s quarterly gross profit rose nearly 24% year-on-year and 4% sequentially to Rs 27,527 crore, driven by the residual impact of tariff hikes and acceleration of home broadband, the company said.

Average revenue per user (ARPU), a key metric for the telecom business, rose to Rs 175.7 crore sequentially, up 4.8% from Rs 167.6 in the previous quarter and 27% year-on-year.

Reliance Jio Infocomm, the Reliance Jio Platforms unit that includes the company’s mobility business, reported a nearly 24% rise in net income in the first quarter of fiscal 2022-23.

Net profit for the quarter ended June 30 was Rs 4,335 crore, against Rs 4,173 crore in the previous quarter and Rs 3,501 crore a year ago. Revenue stood at Rs 21,955 crore, up nearly 5% from Rs 20,945 crore in the March quarter and 22% higher than Rs 18,008 crore in the year-ago quarter.

Shares of RIL rose 0.62% to close at Rs 2,502.92 on the BSE on Friday. The results are announced after the market.

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