Reliance Jio Q4 Review - Revenue Growth Fails To Impress: ICICI Securities
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ICICI Securities Report
In Q4 FY21, Reliance Jio Infocomm Ltd. had multiple misses on the revenue front -
1. underlying revenue growth was just 1.7% QoQ, slowest since commercial launch;
2. adjusting for fiber-to-the-home, mobile revenues grew by just approximately 1%; and
3. digital revenues (Jio Platforms Ltd. consolidated minus RJio) dipped 6.4% QoQ.
Though the company had strong subscriber addition of 15.4 million, they would have come at low average revenue per user, restricting revenue recovery.
For FY21, RJio generated free cash flow to equity of Rs 37 billion (restricted due to capex of Rs 261 billion), which included upfront spectrum payment of Rs 150 billion.
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