Jio Platforms net profit up 12.5% in Q1

Mumbai: Jio Platform Ltd’s (JPL) fiscal first quarter net profit rose 12.5% from a year earlier, but the pace of growth at its key telecom business slowed owing to higher depreciation, amortization and network operating costs and the absence of tariff hikes despite strong subscriber additions.

For the April-June 2023 quarter, JPL’s consolidated net profit rose to Rs 5098 crore from Rs 4984 crore from January-March 2023 period and Rs 4,530 crore in the first quarter of last fiscal year, supported by lower spectrum usage charges (SUC), and increase in average revenue per user (ARPU).