Reliance Industries Ltd.'s telecom arm Jio Platforms reported steady improvement in key operating metrics for the June quarter, with average revenue per user (ARPU) rising to ₹215.6 from ₹214 in the March quarter and ₹208.8 a year ago. According to reports from CNBC TV18, Mint, and Live Mint, ARPU growth was 0.7% sequentially, compared with 3.8% sequentially in the March quarter, while year-on-year growth stood at 3.3%, reflecting continued improvement in subscriber mix and positive seasonality, partly offset by promotional schemes for fixed broadband customers. The company noted that ARPU increased further to ₹215.6 with better subscriber mix and positive seasonality, though promotional 5G offers continue to restrict growth in the company's ARPU. Reliance Industries Chairman and Managing Director Mukesh Ambani commented that "The Digital Services business continued its growth momentum during the quarter. Jio's performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15% year-on-year." Jio Platforms chief strategy officer Anshuman Thakur emphasized that "Arpu is not under pressure...In the Arpu mix improving, if you are referring to homes etc, we are promoting that service and therefore the Arpus are not necessarily higher there than mobility." He added that "on a purely organic basis without any tariff action, having a 4-5% Arpu improvement is what we have seen practically happen on the ground."
The company's subscriber base stood at 533.3 million, compared with 524.4 million in the previous quarter and 498.1 million a year earlier, with net additions of 8.9 million during the quarter and 35.2 million over the past year. As reported by CNBC TV18, Mint, and Live Mint, this significant subscriber growth demonstrates Jio's continued market penetration and customer acquisition strategy effectiveness. The company's total 5G subscriber base reached 285 million as of June end, highlighting strong adoption of next-generation services and up by 73 million year-on-year. Jio's fixed broadband subscriber base reached 28.6 million, with 8.6 million additions over the past 12 months, giving the company a market share of more than 43%. The company's wireless broadband service Jio AirFiber crossed 14 million subscribers and accounted for more than 75% of all fixed broadband additions over the last year. The company's monthly churn stood at 1.6%, compared with 1.7% in the previous quarter, indicating improved customer retention. According to Moneycontrol, Jio ended the June quarter with 533 million connectivity subscribers, adding 35.2 million users over the past year.
Jio Platforms reported revenue of ₹45,961 crore for the quarter, 12% higher year-on-year, while revenue from operations rose 11.8% to ₹39,173 crore. According to Mint and Live Mint, profit after tax increased 9.2% year-on-year to ₹7,764 crore during the quarter, though profit fell 2.15% sequentially due to higher finance costs and depreciation expenses during the quarter as 5G network assets became operational. Operating revenue rose 12% year-on-year to ₹39,173 crore, with the growth driven by market share gains in subscribers, organic ARPU improvement and the scale-up of digital services. EBITDA came in at ₹20,865 crore, up 15.1% YoY, with margins at 53.3%, compared with 51.8% a year ago, with EBITDA margin expanding 150 basis points on-year. The company noted that revenue growth was driven by continued subscriber addition, organic average revenue per user (ARPU) growth and growth in digital services. Jio Platforms digital services business grew 20% year-on-year, led by strong demand for content, cloud computing, Internet of Things (IoT) and managed services, while connectivity services also posted 11% growth during the quarter. The company's digital services business grew 20% year-on-year in the June quarter, outpacing the 11% growth in the core connectivity business, with Thakur noting there was further scope to monetize digital services, which generally offer higher margins than traditional connectivity.
The company's network performance showed strong growth across key metrics. Total data traffic rose 26.9% year-on-year to 69.4 billion GB, while per capita data consumption stood at 43.7 GB per month. As reported by CNBC TV18, Mint, and Live Mint, the 5G subscriber base stood at 285 million as of June end, accounting for around 1.5x the data traffic of 4G users. The company's monthly churn stood at 1.6%, compared with 1.7% in the previous quarter, indicating improved customer retention. According to Moneycontrol, average monthly data consumption rose to 43.7 GB per user, among the highest globally, while 5G traffic is now 1.5 times larger than 4G traffic on Jio's network. Market analysts noted that "the standout factor is the strong subscriber addition of around 9 million quarter-on-quarter, while ARPU growth of nearly 1% sequentially is also broadly in line with expectations."
In a significant development ahead of its potential public listing, Jio Platforms filed its draft red herring prospectus (DRHP) with SEBI for its initial public offering, marking a crucial step toward what could potentially be India's biggest IPO. As reported by CNBC TV18, Mint, and Live Mint, the IPO is expected to raise ₹32,000-35,000 crore, with the company planning to raise capital through a fresh issue of 270 million equity shares with a face value of ₹10 each. Reliance Industries Chairman Mukesh D. Ambani stated that "During the quarter, Jio Platforms Limited filed its DRHP with SEBI, a significant step towards its public listing. The upcoming IPO will be an important milestone in Jio's journey and will give investors an opportunity to participate in India's digital growth story." He added that "as we embark on our next phase of journey to be a publicly listed company in India, we will continue to maintain our deep tech focus and democratise access to digital connectivity and digital services in India and globally." Jio Platforms Managing Director Akash M. Ambani emphasized the company's evolution into a "deep-tech player with innovation spanning multiple advanced technologies", stating that "Jio has established itself as a deep tech company and demonstrated the velocity of innovation across multiple advanced technologies." He noted that the company's strong patent portfolio has been recognized globally, with plans to use these technologies to offer an ever-expanding bouquet of services to every citizen of India and drive industry-leading growth for many years to come. The company has jumped 320 places on the World Intellectual Property Organisation's (WIPO) 2025 Patent Co-operation Treaty (PCT) rankings, with patents focused on next-generation technologies including 5G, 5G Advanced, 6G, artificial intelligence, AI-native networks, cloud-native platforms, and edge intelligence. Analysts are growing more cautious about how much further organic ARPU growth can go, with brokerage CLSA noting that "Smartphone prices, particularly at the entry level, could slow feature-phone-to-smartphone upgrades and weaken the premiumisation trend."
