Reliance Jio's Q2 results: Net profit soars 23.4% to ₹6,539cr
What's the story
Reliance Jio Infocomm has posted a whopping 23.4% jump in its consolidated net profit for the September quarter, hitting ₹6,539 crore. That's a huge jump from the ₹5,299 crore it posted in the same quarter last year. The company's revenue from operations also witnessed a healthy growth of 18%, hitting ₹31,709 crore as opposed to last year's ₹26,875 crore.
User metrics
Jio's ARPU and customer base witness steady growth
Reliance Jio also posted a steady 7.4% year-on-year (YoY)growth in its average revenue per user (ARPU), which now stands at ₹195.1. The company's customer base has grown by 4.2% YoY, reaching a total of 478.8 million users in the reported quarter. These numbers show a steady growth trend for the telecom giant in terms of both revenue and user base expansion.
CEO's statement
Ambani highlights resilience and growth in digital services
Commenting on the company's earnings, RIL Chairman and Managing Director Mukesh Ambani highlighted the resilience of its diversified business portfolio. He said that their performance reflects robust growth in digital services and upstream business. This has helped to partly offset weak contribution from the order-to-cash (O2C) business, which was impacted by unfavorable global demand-supply dynamics.
Business performance
Jio's digital services and home broadband segment show promise
Ambani further noted that the rise in digital services was driven by increased ARPU, and improved customer engagement metrics. This reflects the strong value proposition of their services. He also mentioned that the home broadband segment is witnessing accelerated momentum due to Jio's unique industry-leading JioAirFiber offering.