Jio Q3 Review: Financials Healthy, Subscriber Growth Weak: Dolat Capital
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Dolat Capital Report
Reliance Jio’s Q3 FY21 was ahead of estimates led by higher than expected average revenue per user at Rs 151 (estimate Rs 147).
We remain perplexed with the ARPU improvement in Jio over the last two quarters (Rs 140.5 to Rs 151) in absence of tariff increases. As per company, it is on account of increased consumer engagement.
In our view, it is partly on account of fibre-to-home business revenue pick-up led by higher additions and charging of older customers after initial free-trail offer. Similar to Bharti Airtel Ltd., Jio too is well-poised to benefit from improving industry scenario of increase in ARPU and/or shutdown of Vodafone Idea Ltd.
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