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Dolat Capital Report
Reliance Jio Platform Ltd.’s Q1 FY23 performance was healthy, led by 4.8% QoQ growth in average revenue per user to ~Rs 176. Apart from trickle-down effect of the tariff hikes in Q3 FY22, the strong showing was led by better subscriber mix and expansion of fiber-to-the-home services.
Subscriber base grew by 9.7 million (down 10.8/down 8.5 million in Q4/Q3 FY22). We believe the sim consolidation phase and cleaning up of inactive subscribers is behind.
Revenue/Ebitda/profit after tax grew by 4.7/4.3/ 3.9% QoQ and 21.6/27.2/23.8% YoY. Sharp increase in depreciation and amortisation QoQ/YoY at 13/36% was a negative.
We foresee Jio as a structural growth story in the medium to longer term. This growth shall be led by a combination of moderate subscriber growth and consistent rise in ARPU (8-12% compound annual growth rate).
In parallel, we expect Jio to capitalise on alternate revenue streams viz. FTTH, enterprise, content, payments, healthcare, education etc.
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