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Reliance Jio Reports 4% Earnings Growth in Q2 – Adding Subscribers, ARPU Growth Slowing

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  • India’s largest telecom operator, Reliance Jio, released its September 2022 quarterly results on Friday.
  • Jio’s average revenue per user increased marginally to 177.2 in the second quarter of FY23 from 175.7 in the previous quarter.
  • Jio said it plans to complete the pan-Indian 5G rollout by December 2023.

India’s largest telecom provider, Reliance Jio, released its September quarterly results showing earnings growth of 4% at ₹4,729 crore, up from ₹4,530 crore in the previous quarter. Year-over-year profits increased by almost 27%.

Operations revenue also witnessed a sequential growth of only 4%, increasing to 28,506 crore compared to ₹27,527 crore in the previous quarter. On an annual basis this is an increase of almost 23%.

Particularities Q2 FY23 Q1 FY23 Q2 FY22
Revenue ₹28,506 crores ₹27,527 crore ₹23,222 crore
Net profit ₹4.729 crore ₹4,530 crore ₹3.728 crore
ARPU ₹177.2 ₹175.7 ₹143.6

As the addition of new subscribers slowed, average revenue per user (ARPU) improved marginally due to better seasonality and better subscriber mix, the company said.

Jio reported an ARPU of 177.2 per subscriber per month, growing just 0.8% sequentially and 23.5% year-over-year growth.

Analysts had expected moderate ARPU growth and weak subscriber numbers compared to the previous two quarters, as the benefits of rate increases are largely behind us.


Reliance Jio added 7.7 million net subscribers, compared to 10 million in the previous quarter.

As of September 30, 2022, the total customer base stood at 427.6 million.

Reliance Jio Reports 4% Earnings Growth in Q2 - Adding Subscribers, ARPU Growth Slowing

Jio aims to complete its pan-India 5G rollout by December 2023
Currently, Reliance Jio is in the process of network deployments across the country for 5G services. Earlier this month, it announced it was starting beta testing of its 5G services in four cities of Delhi, Mumbai, Kolkata and Varanasi.

In publishing the results, it informed the target to complete its pan-India 5G rollout by December 2023.

“We saw consistent subscriber growth and increased engagement in the Digital Services segment. Jio has announced beta testing for its industry-leading standalone 5G services and is making rapid progress towards an ambitious and fastest-ever rollout of True 5G on a pan-Indian basis,” said Mukesh D Ambani, President and MD, Reliance Industries.

Prior to the earnings announcement, RIL’s shares closed 1.22% lower at ₹2,470 each.

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