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Reliance Jio Infocomm Ltd.’s Q1 FY22 was healthy in a Covid-19 impacted quarter. This was led by healthy 14.4 million subscriber additions and stable average revenue per user (Rs 138.4) q-o-q.
Jio’s smartphone offer in March 2021 should have boosted additions.
Net revenue/Ebitda/adjusted profit after tax grew by 3.7/3.9/4.2% q-o-q.
Jio is well-poised to benefit from improving industry scenario of increase in ARPU and/or shutdown of Vodafone Idea Ltd.
Probability of latter increases in absence of relief from Supreme Court on correction of arithmetical errors in adjusted gross revenue liability.
Besides, Jio has significantly augmented its spectrum footprint (up 56%) in March 2021 auctions (Rs 571 billion).
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