Jio leads industry transition with 5G; net subscriber addition over 11 mn in Q2 FY24

Jio has reported a 10.6% Y-o-Y growth in its revenue at Rs 31,537 crore in he second quarter ended September 30, 2023. Operating revenue (net of GST) growth was driven by industry leading subscriber growth across mobility and homes and scale-up of digital platforms.

Jio also reported steady 12.6% Y-o-Y growth in EBITDA, led by revenue increase and ~80 bps Y-o-Y increase in margins.

Net subscriber addition continued to accelerate, with Jio adding an industry leading 11.1 million subscribers during the quarter. Monthly churn was 1.7% in Q2 FY24.

ARPU increased 2.5% Y-o-Y to Rs 181.7, driven by better subscriber mix across mobility and wireline partially offset by start of 5G services.

Engagement on Jio network remained strong with an addition of over 3 Exabytes of data traffic for the second successive quarter in Q2 FY24. Total data and voice traffic increased 28.5% and 8.3% Y-o-Y, respectively.

Strong subscriber growth was seen across mobility and wireline services and scale up of digital services platform drove JPL’s consolidated revenue and EBITDA growth.

Jio has deployed over 1 million 5G cells pan-India with coverage across ~8,000 cities/ towns. Third-party research companies have underlined Jio’s superiority in network performance and availability. Jio has contributed to 85% of the overall 5G capacity in the country till date. This has been powered by a 100% in-house 5G stack, designed, developed and manufactured entirely by Indian talent.

Akash M Ambani, Chairman, Reliance Jio Infocomm, said, “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.”