Jio Platforms register gross revenue of Rs 30,640 crore in FY 24 Q1, up 11.3 pc Y-o-Y

Mumbai (Maharashtra) [India], July 21 (ANI): Jio Platforms' Gross Revenue for the first  quarter of finacial year 2023-24 ending on June 30 was at a record high of Rs 30,640 crore, up 11.3 per cent Year on year (YoY) basis, according to a statement issued by the company on Friday.
According to the statement, Jio Platforms' Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the first quarter was at Rs 13,116 crore, up 14.8 per cent Year on Year basis.
"Jio continued to lead the industry’s net subscriber addition with 9.2 million adds in 1Q FY24. Monthly churn also reduced to 1.8 per cent during the quarter," the company said in the statement.
Mukesh Ambani, Reliance Industries Limited (RIL), Chairman and Managing Director said that Jio’s wide range of quality offerings at affordable price points has enabled strong growth in its subscriber base, which reflects in the financial performance of the digital services business.
"The accelerated roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace. In another step towards democratizing the internet in India, Jio launched the 'JioBharat' Phone Platform, making internet technology accessible and affordable to every Indian," Mukesh Ambani said.
Speaking on the occasion, Akash M Ambani, Chairman, Reliance Jio Infocomm Limited, said, "Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete pan India 5G rollout before December 2023. The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate ‘2G-MUKT BHARAT’ vision and democratise the internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years."
The company also said that the average revenue per user (ARPU) has increased by 2.8 per cent year on year "driven by better subscriber mix and ramp-up of wireline business."
The company said that the adoption of the 5G network and FTTH ramped up a strong drive registering 28.3 per cent year on year basis growth in data usage as monthly data traffic on the Jio network crossed 11 Exabytes during 1Q FY24.
"Jio has deployed over 115,000 sites with approximately 690,000 5G cells covering more than 90 per cent of census towns and is leading in terms of both network availability and customer experience," the statement said. (ANI)