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Dolat Capital Report
Reliance Jio's Q1 FY21 was healthy subscriber addition of 10.8 million in a quarter impacted by Covid-19, average revenue per user (ARPU) growth of 7.6% QoQ to Rs 140.6, revenue/Ebitda/Adjusted profit after tax growth of 11.6/13.4/8.1% QoQ.
Steep increase in network costs and depreciation (up15.4/26.3% QoQ) were key negatives.
RJio's holding company Jio Platforms Ltd.'s deal with various strategic/financial investors in Q1 (raised Rs 1.52 trillion for approximately one third dilution) is positive from multiple perspective viz. sets the valuation benchmark for future deals/initial public offering, strategic and technological benefits along with reduction in debt for parent.
Similar to Bharti airtel Ltd., Jio too is best-positioned to capitalize from improving industry scenario of mutually exclusive event of steep increase in industry ARPU or collapse of Vodafone Idea Ltd.
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