Jio Platforms Posts Highest Quarterly Revenue Ever at $3.3 Billion

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Jio Platforms recorded its highest quarterly gross revenue to date, posting ₹24,176 crore ($3.3 billion) for the third quarter, an improvement of nearly 14% from a year ago. a year.

Jio Platforms Chairman and CEO Mukesh Ambani attributed the growth to “key consumer baskets” following the festive season and the easing of lockdowns in India.

“Our digital services business has generated global, sustainable and profitable growth through improved customer engagement and subscriber mix,” Ambani said.

The growth in revenue culminated with the company’s net profit, which also rose, with the figure increasing by 9% year-on-year to ₹3,795 crore ($511 million).

Jio Platform’s earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter was also the highest on record at ₹10,008 crore ($1.3 billion), marking an increase of 18%.

Regarding the telecommunications performance of Jio Platform, through its subsidiary Reliance Jio, the company reported that its average revenue per user (ARPU) for the third quarter improved to ₹151.6 per subscriber per month, from ₹143.6 in Q2.

Total quarterly data traffic and voice traffic, meanwhile, reached 23.4 million GB and 1.15 trillion minutes, respectively, representing year-over-year increases of 48% and 17%. other.

By the end of 2021, the total customer base of Jio Platform was 421 million, which represented a net addition of 10.2 million customers on an annual basis. That’s down 8.4 million from the second quarter, however, with the company attributing the quarter-over-quarter drop in customers to “subscribers with inconsistent engagement and low-end subscribers.”

In its third-quarter performance report, Jio Platforms said it continued its 5G network planning with particular emphasis on finding locations in India that have high consumption and high perception. Providing an update on this planning, the company said it has concluded planning for 5G coverage in 1,000 Indian cities.

The telephone company added that it had repaid ₹30,791 crore to the Ministry of Telecoms to settle all its spectrum payment liabilities including interest, before its expenses in the spectrum auction conducted in March of the year. ‘last year. The company estimates that the repayment will result in interest savings of around ₹1,200 crore per year, at current interest rates.

Reliance Jio’s 5G rollout lags behind Ambani’s promise at the end of 2020 that its telecom operator would have a 5G network by the end of 2021, with the telecom operator expected to be rolled out later this year.

Reliance Jio’s holding company, Reliance Industries, also recorded strong gains in the third quarter with gross revenue of ₹209,823 crore ($28.2 billion) and net profit of ₹20,539 crore. ($2.8 billion), or 52% and 38% per year. year-over-year improvements, respectively. In addition to owning Jio Platforms, Reliance Industries owns a number of energy, grocery, oil, and retail businesses.


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