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Reliance Jio’s Q4 FY21 net revenue and Ebitda growth of 1.4/2.2% QoQ were one of the slowest since it started reporting financials.
Ebitda growth would have been even muted but for 4% QoQ decline in low frequency and a modest 2% QoQ growth in network costs.
Subscriber additions at 15.4 million was healthy.
In FY21, free cash flow was healthy at Rs 187 billion (excluding spectrum payment) versus Rs 120 billion of profit after tax.
This was aided by trivial tax outgo of Rs 1.4 billion (versus Rs 40.7 billion in profit and loss).
Jio is well-poised to benefit from improving industry scenario of increase in average revenue per user and/or shutdown of Vodafone Idea Ltd.
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