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In Q1 FY22, Reliance Jio Infocomm Ltd.’s revenues and Ebitda came broadly in line with our estimates while net profit was higher due to lower cost recognition for spectrum acquired in the March 2021 auctions.
Subscriber addition during the quarter was strong at 14.4 million over and above the 15.4 million added in Q4 FY21, which benefited from aggressive Jio phone plans for one / two years.
Average revenue per user has been flattish q-o-q despite growth in fiber-to-the-home and enterprise revenues, which means the underlying mobile ARPU declined.
We see limited scope for revenue growth for RJio in the absence of a tariff hike and rise in operating costs from infrastructure investment trusts payments and new spectrum.
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