Jio Platforms Q2 FY24: 10.6% Y-o-Y revenue surge and over 11 million new subscribers

In its latest quarterly results, Jio Platforms Limited (JPL), a subsidiary of Reliance Industries, reported a significant 10.6% year-on-year revenue increase, reaching ₹ 31,537 crore. The EBITDA also saw a 12.6% rise from the previous year, standing at ₹ 13,528 crore.

Data Traffic & Subscriber Growth

One of the key highlights for Jio this quarter was the net addition of over 11 million subscribers. Simultaneously, the data traffic on the Jio network expanded by an impressive 28.5% year-on-year, tallying up to 36.3 exabytes.

Embracing the Future with 5G and Broadband

Transitioning to 5G:

Jio is leading the industry’s transition with its focus on 5G and JioBharat for mobility, alongside JioAirFiber targeting homes and small to medium businesses.

Financial Breakdown

The detailed financial results for the quarter ended FY24 showed:

• A growth in gross revenue from ₹ 28,506 crore in 2Q FY23 to ₹ 31,537 crore in 2Q FY24.
• The revenue from operations increased by 10.7% year-on-year, from ₹ 24,275 crore to ₹ 26,875 crore.
• EBITDA margins improved, showing a growth of 80 bps year-on-year, standing at 50.3%.

Furthermore, depreciation saw an uptick due to enhanced network utilization and the addition of assets to the gross block.

Operational Performance Highlights

There was a notable 7.5% growth in the customer base, reaching 459.7 million. Average Revenue Per User (ARPU) also increased by 2.5% year-on-year, now at ₹ 181.7 per subscriber per month. Data traffic shot up to 36.3 billion GB, reflecting a 28.5% year-on-year growth.

Akash M. Ambani, Chairman of Reliance Jio Infocomm, provided insights on the company’s future trajectory: “Jio True5G will soon be available pan-India to usher in a new digital era for Indians. JioAirFiber has seen very strong customer interest and is set to transform broadband infrastructure in the country by offering fiber-like digital experience to homes and small enterprises. Ubiquitous 5G, JioBharat, and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability.”