JioStar's net profit rises 127.5% to ₹1,322 crore sequentially in Q2

However, India's largest media conglomerate's revenue from operations dropped 35.6 per cent sequentially to Rs 6,179 crore

Reliance Industries-backed JioStar reported a rise of 127.5 per cent in its net profit to ₹1,322 crore during July-September on a sequential basis, as its operating margins jumped during the quarter.

 

However, India’s largest media conglomerate’s revenue from operations dropped 35.6 per cent sequentially to ₹6,179 crore.

 

The company mentioned in its investor presentation that the sequential revenue comparison is not relevant due to the presence of the Indian Premier League (IPL) in the April-June quarter. 

 

“The network reached over 830 million viewers, delivering over 60 billion hours of watch time on television. JioHotstar averaged about 400 million monthly active users during the quarter, demonstrating strong user stickiness post-IPL. It was led by the robust performance of both Sports and Entertainment properties,” the company said in a release. 

 

The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 70.9 per cent to ₹1,738 crore during the July-September quarter.

 

JioStar’s finance costs went down by 24.6 per cent to ₹89 crore in Q2. 

 

Its Ebitda margins stood at 28.1 per cent during the quarter ended September compared to 10.6 per cent in April-June. 

 

“What IPL is to cricket, Big Boss is to entertainment. Big Boss has performed exceedingly well with a 54 per cent growth in watch time across languages on JioHotstar,” said Kevin Vaz, chief executive officer (CEO), entertainment, JioStar, in the earnings call.

 

He added, “Special ops turned out to be the second-highest watched series on the platform, only to follow Criminal Justice, and remained number one for four weeks in a row.”

 

He said that the company is focusing on bringing audiences to its platforms on a daily basis, with long-running series like HeartBeat 2, which had 100 episodes being released every day. 

 

“We saw consumers coming to this platform for 100 days on a daily basis. For us, that's something that we like to also pivot with to make sure that we have stickiness on this platform,” he added.