Jio Platforms net profit jumps almost 25% to $502 million

Jio Platforms' chairman said operations slowly returned to pre-COVID levels over the past quarter.

Jio Platforms' Q2 net profit grew almost 25% year-on-year to ₹3,728 crore, around $502 million, with the company saying customer demand is slowly returning to pre-COVID levels.

"As the pandemic retreats, I am pleased that Reliance has posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies. All our businesses reflect growth over pre-COVID levels," Reliance Industries chairman and managing director Mukesh Ambani said.

The holding company for India's biggest telco, Reliance Jio, also reported gross revenue was ₹23,222 crore, $3.1 billion, which is around 15% higher than last year's performance. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 16.6% to ₹9,294 crore, or $1.3 billion.

As of the end of September, Jio Platforms said it has just shy of 430 million users. Of that customer base, almost 23.8 million are new users.

The monthly average revenue per user during the quarter was ₹143.60 per subscriber, with total data traffic increasing by almost 51% to reach 23 billion GB and voice minutes increasing by 17.6% to 1.09 trillion minutes. On a per-user basis, this translates to monthly data usage of 17.6 GB and 840 minutes.

Jio Platforms added that JioFiber now has over 4 million connected premises, with Jio's optical-fibre network now physically present outside of 16 million premises.

In providing its Q2 financial results, Jio Platforms said the JioPhone, which it is working to create alongside Google, is still set to be released during Diwali. The JioPhone's release date was originally set to be launched earlier, but the company said last month it was facing semiconductor supply issues

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