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Jio Platforms reported a 2.2% QoQ decline in PAT to ₹7,764 Cr in Q1 FY27, even as it posted 9.2% YoY growth

Operating revenue rose 2.4% QoQ and 11.8% YoY to ₹39,173 Cr, while EBITDA increased 4% QoQ and 15.1% YoY to ₹20,865 Cr

Growth in cloud, content, IoT and managed services, along with rising subscriber numbers and ARPU, helped offset the increase in costs

IPO-bound Jio Platforms reported a consolidated profit after tax (PAT) of ₹7,764 Cr in the first quarter of FY27 (Q1 FY27), up 9.2% YoY from Jio Platforms. Sequentially, net profit fell 2.2% from ₹7,935 Cr in the previous quarter.

Operating revenue rose 11.8% YoY and  2.4% QoQ to ₹39,173 Cr. Meanwhile, gross revenue jumped 12% YoY to ₹45,961 Cr.

EBITDA for the period under review grew 15.1% YoY and 4% QoQ to ₹20,865 Cr.  While subscriber momentum and margin expansion supported another quarter of double-digit EBITDA, higher finance costs following the capitalisation of 5G assets partly offset the growth, Jio parent Reliance Industries (RIL) said in its quarterly disclosures.

Meanwhile, EBITDA margin expanded 90 basis points to 53.3% from 52.4% in the previous quarter and 150 basis points to 51.8% a year earlier.

The company said digital services revenue grew 20% YoY, outpacing the connectivity business, with content, cloud compute, IoT and managed services driving growth.

Jio Platforms ended the quarter with more than 533 Mn subscribers, including around 285 Mn 5G users.

Fixed broadband connections reached 2.9 Cr, of which 14 Mn were JioAirFiber homes. Data traffic also increased 26.9% YoY during the quarter. The company claimed to maintain more than 78% share of India’s fixed wireless access (FWA) market.

Data traffic on its network rose 26.9% YoY to 69.4 exabytes, with average monthly data consumption increasing to 43.7 GB per user.

Within its connectivity business, Reliance Jio Infocomm Ltd (RJIL) added 8.9 Mn subscribers during the quarter, taking its customer base to 533.3 Mn.

Average revenue per user (ARPU) increased to ₹215.6 per month from ₹214 in the previous quarter and ₹208.8 a year earlier.

“Jio has established itself as a deeptech company and demonstrated the velocity of innovation across multiple advanced technologies. This is underlined by our strong patent portfolio which has been recognised globally… 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 Ambani said.

In the June quarter, Jio filed its DRHP for an IPO comprising a fresh issue of 27 Cr shares. The company is eyeing to raise about $4 Bn (around ₹34,000 Cr).

Jio plans to use ₹27,500 Cr from the proceeds to prepay borrowings of its subsidiary RJIL, while the remaining funds will be used for general corporate purposes.

RIL remains the dominant shareholder with a 66.43% stake in the company, while Meta and Google own 9.98% and 7.73%, respectively.

Overall, RIL’s net profit for the quarter increased 5.7% YoY to ₹23,001 Cr while gross revenue rose 24.5% YoY to ₹3.40 Lakh Cr.