Jio Platforms Net Profit Jumps Almost 25% to $ 502 Million


Jio Platforms’ second-quarter net profit increased nearly 25% year-on-year to 3,728 crore, or about $ 502 million, as the company says customer demand is slowly returning to pre-COVID levels.

“As the pandemic recedes, I am delighted that Reliance posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our business and the robust recovery of the Indian and global economies. All of our activities reflect growth from pre-COVID levels, ”said Reliance Industries President and CEO Mukesh Ambani.

The holding company of India’s largest telecommunications company, Reliance Jio, also reported gross revenue of 23,222 crore, or $ 3.1 billion, about 15% above the year’s performance. last. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 16.6% to 9,294 crore yen, or $ 1.3 billion.

At the end of September, Jio Platforms said it had just under 430 million users. Of this clientele, nearly 23.8 million are new users.

Average monthly revenue per user in the quarter was 143.60 yen per subscriber, with total data traffic increasing nearly 51% to 23 billion GB and voice minutes increasing 17.6% to 1. 09 trillion minutes. On a per-user basis, this translates to a monthly data usage of 17.6 GB and 840 minutes.

Jio Platforms added that JioFiber now has more than 4 million premises connected, with Jio’s fiber optic network now physically present outside of 16 million premises.

Providing its second quarter financial results, Jio Platforms said the JioPhone, which it is working to create alongside Google, is still expected to be released during Diwali. The JioPhone’s release date was originally slated to be launched earlier, but the company said last month it was facing issues with semiconductor supply.

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