Jio Platforms, a provider of digital services, announced on Friday that it has increased its net profit in the June 2023 quarter by 12.5% year over year to Rs. 5,098 crore due to subscriber growth and improved revenue per user. In the equivalent quarter a year prior, the company reported a net profit of Rs. 4,530 crore.
Jio Platforms’ operating revenue totaled Rs. 26,115 crore in the reporting quarter, an increase of 11.3% from Rs. 23,467 crore in the same period last year.
The company’s net subscriber addition exceeded 90 lakh, while the overall amount of data traffic for the quarter increased by more than 28 percent YoY to 33.2 billion gigabytes.
A better subscriber mix and an increase in wireline business drove a 2.8 percent YoY increase in average revenue per user, or ARPU, to Rs. 180.5.
Jio Platforms includes the telecom division Reliance Jio Infocomm, a number of startups, and streaming media apps.
“5G adoption and FTTH ramp-up drive strong 28.3 percent Y-o-Y growth in data usage as monthly data traffic on the Jio network crosses 11 Exabytes during the first quarter of FY’24,” the business stated. The monthly data use per person climbed by 20 percent over the previous year to 24.9GB.
“Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete pan India 5G rollout before December 2023,” Reliance Jio Infocomm, Chairman, Akash M Ambani said.