Jio’s connectivity push gathers pace, 5G base hits 300 million and broadband homes 30 million

Jio Platforms reported a 28% rise in its 5G subscriber base and a 32% increase in home broadband connections in the September quarter, in its first earnings report since raising a record $3.2 billion in India’s largest-ever IPO.

The numbers come as India’s telecom industry expands its 5G footprint, with fixed wireless access emerging as an alternative to fibre for bringing high-speed broadband to homes and widening the market for operators.

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Jio says it commands more than 60% of India's 5G subscriber base and over 51% of the wireless broadband market, excluding fixed wireless access and machine-to-machine broadband, according to its investor presentation.

The Reliance-owned company added 66 million 5G customers over the 12 months , taking its 5G subscriber base to 300 million from 234.4 million a year earlier. The company added 15 million 5G users sequentially during the July-September quarter, according to its latest investor presentation. Its total customer base stood at 542.4 million at the end of the quarter.

"This quarter’s results continue to reflect the strength of our 5G network, and the growing reach of our broadband and digital services. Ahead of the curve investment on next generation technologies has been the foundation of Jio’s success over the past decade" said Akash Ambani, Managing Director of Jio Platforms.

The company said it is the world’s largest 5G operator outside China, with a subscriber base larger than the combined 5G customer base of the two largest US operators. The company also claims to command more than 60% share of India’s 5G subscribers.

The expansion has extended to its home broadband business, where Jio’s customer base increased to 30 million in the September quarter from 22.7 million a year earlier. The company added 7.3 million broadband homes on a net basis over the past year, a growth of around 32%. Sequentially, its home broadband base grew from 28.6 million in the June quarter.

A key driver of this growth has been JioAirFiber, the company’s fixed wireless access service. Its AirFiber subscriber base, including connections using its unlicensed band radio (UBR) technology, rose to 15.1 million in the September quarter from 9.6 million a year earlier. This means AirFiber now accounts for about half of Jio’s total home broadband base.

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Jio said it added broadband customers at twice the rate of its nearest competitor over the past three months. It also described itself as the world’s largest fixed wireless access provider, with its proprietary UBR technology helping expand access through a point-to-multipoint model.

The latest numbers mark Jio’s first quarterly operating update since its stock market listing earlier this week. The company’s September-quarter results showed continued growth in its connectivity business, but the expansion of its 5G and home broadband bases points to the scale of its push to deepen its presence in India’s mobile and household broadband markets.

In its earnings report, the company part of the broader Reliance conglomerate, reported a 14% year-on-year increase in consolidated net profit to Rs 8,389 crore for the September quarter, while revenue from operations rose 11% to Rs 40,475 crore. On a sequential basis, net profit grew 8% from Rs 7,765 crore in the June quarter, while revenue increased 3%.