Another record quarter for home connects, Jio is the fastest growing fixed wireless operator globally with over 2.8 million JioAirfiber connections
FinTech BizNews Service
Mumbai, 14 October, 2024: Jio Platforms Limited (“JPL”) has reported its financial performance for the quarter ended 30th September, 2024.
Jio Platforms’ quarterly revenue is at Rs 37,119 crore, up 17.7% y-o-y, quarterly EBITDA at Rs 15,931 crore, up 17.8% y-o-y
Total subscriber base was 479 million as of sep’24, up 4.2% y-o-y strong 7.4% y-o-y increase in arpu to Rs 195.1, full impact of tariff hike to flow through in the next 2-3 quarters.
Jio further strengthens its leadership in 5G with 148 million subscribers now transitioned to 5G and contributing 34% of wireless data traffic.
Per capita data consumption increased to 31gb/ month with higher mix of 5g and home users.
Another record quarter for home connects, Jio is the fastest growing fixed wireless operator globally with over 2.8 million JioAirfiber connections
Quarterly Performance (2Q FY25 vs 2Q FY24)
• Operating revenue (net of GST) growth primarily driven by partial impact of tariff hike and scale-up of home and digital services businesses.
• Strong EBITDA growth led by healthy revenue growth. • Healthy PAT growth due to increased revenue and operating leverage.
• ARPU increased to Rs 195.1 with the partial follow-through of the tariff hike and a better subscriber mix. The full impact of the tariff hike will flow through in the next 2-3 quarters.
• Engagement levels continued to remain strong with total data and voice traffic increasing by 24% and 6.4% Y-o-Y, respectively.
• Limited amount of SIM consolidation observed after the tariff hike, offsetting continued strength in gross addition in 2Q FY25; monthly churn increased to 2.8%.
STRATEGIC PROGRESS
• Jio has reached 148 million subscribers on True5G in less than two years of launch and continues to be the largest 5G operator outside China. Jio has transformed India from 5G-dark to 5G-bright through unmatched spectrum holdings, 5G Standalone Architecture, and advanced technologies like Carrier Aggregation and Network Slicing.
• JioAirFiber’s rapid uptake has significantly accelerated the pace of home connections, with Rs2.8 million connected homes by JioAirFiber as of September 24. Jio’s pace of home connections is the fastest of its kind globally. Scaling up distribution, continuous optimization of the onboarding process, and technology edge would enable Jio to achieve the target of connecting 100 million homes in India at record speed.
• At RIL's 47th AGM, the Chairman unveiled Jio’s comprehensive suite of tools and platforms that span the entire AI lifecycle, called JioBrain. JioBrain is helping RIL embed AI into several processes and offerings, creating end-to-end workflows with real-time, data-driven insights and automation, which helps deliver smarter and more responsive services to internal and external customers.
• To support Jio’s vision of ‘AI Everywhere for Everyone using Connected Intelligence’, Jio’s AI-Cloud Welcome offer was introduced during the quarter. Under this offer, Jio users will get up to 100 GB of free cloud storage to securely store and access all their photos, videos, documents, digital content, and data.
• During the quarter, JioTV+ app was made available for free download on all leading Smart TVs without Set Top Box or additional JioAirFiber/JioFiber connection. This JioTV+ 2-in-1 offer allows users to connect multiple TVs with one connection and access 800+ Digital TV channels and 13+ OTT apps.
Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Right from inception, Jio has focused on deep tech innovation to create customer and shareholder value. The ongoing transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to this approach. AI is creating the next runway for this transformation, and Jio is committed to developing the world’s best AI ecosystem in India, for all Indians. Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in financial performance in the current quarter.”
