Reliance Group’s digital services company, Jio Platforms, reported a significant year-on-year rise in net profit for the April-June quarter. The company’s success can be attributed to an increased subscriber base and better average revenue.
- Net profit rose by 12.5% to Rs 5,098 crore, compared to Rs 4,530 crore in the same quarter a year ago.
- Operating income increased by 11.3% to Rs 26,115 crore, up from Rs 23,467 crore in the year-ago period.
- During the quarter, 9 million net customers were added, leading to significant growth in the customer base.
- Total data traffic surged by 28% to 33.2 billion gigabytes, indicating a substantial increase in data consumption.
- The average revenue per customer (ARPU) witnessed a rise of 2.8% to Rs 180.5 in the June quarter, reflecting improved monetization.
Strategies and Expansion
Reliance Jio Infocomm Chairman Akash Ambani stated that Jio is making rapid progress in expanding its True5G network. The company is determined to set up a 5G network across the country before December this year, signifying its commitment to technological advancements and nationwide coverage.
Jio Platforms’ Diverse Portfolio
Jio Platforms comprises various subsidiaries, startups, as well as music and video streaming apps. This diverse portfolio contributes to the company’s growth and financial performance.
Impact on the Telecom Industry
Jio Platforms’ strong financial results are likely to have a significant impact on the Indian telecom industry. The increased competition and technological advancements introduced by Jio have spurred other telecom operators to enhance their services and offerings, ultimately benefiting the consumers.
Jio Platforms’ remarkable performance in the April-June quarter of 2023 showcases its continuous efforts to innovate and expand its services. The rise in net profit, subscriber base, and data traffic, as well as the successful implementation of 5G technology, demonstrates Jio’s commitment to delivering high-quality digital services to its customers.
Note: The statistics and data presented in this article are based on the quarterly results announced by Jio Platforms on the specified date. For the latest updates and official information, kindly refer to the company’s official sources.