Reliance Jio's Q2 FY24 financial results are out now. The telco has recorded a net profit of Rs 5,297 crore, slightly higher than Rs 5,098 crore in the previous quarter. One of the key statements that the telco made was what Akash Ambani, Chairman of Jio Platforms also said during the inauguration of IMC 2023, which is that Jio provides 85% of the 5G capacity in India.
The telco's customer base grew from 448.5 million in Q1 to 459.7 million in Q2. The ARPU (average revenue per user) figure went up from Rs 180.5 to Rs 181.7. It is worth noting that in Q2 FY23, Jio's ARPU was Rs 177.2, which means a YoY change of only 2.5%. On the results call, Jio stressed the fact that they are not charging anything additional for 5G. This is one of the key reasons why its ARPU is not going up fast.
The data traffic for Jio went up from 33.2 billion GB in Q1 to 36.3 billion GB in Q2. The voice traffic saw a marginal dip from 1.34 trillion minutes in Q1 to 1.33 trillion minutes in Q2.
Key Things to Note
Reliance Jio confirmed that it has deployed over 1 million 5G cells PAN-India and its coverage has crossed 8,000 towns/cities. Jio's 5G is powered by a 100% in-house 5G stack. On the investors' call, Jio confirmed that it has more than 70 million 5G customers. It is worth noting that at IMC 2023, Akash Ambani confirmed that India has over 125 million 5G customers. This means that apart from the 70 million Jio 5G customers, the remaining are of Airtel.
Akash Ambani 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."