The Business Bytes
TBB BUREAU
MUMBAI, JAN 19, 2024
In the latest financial report, Jio Platforms marked an 11.6% year-on-year escalation in consolidated net profit, reaching INR 5,445 crore during the December quarter. This impressive growth was fueled by a robust increase in subscribers.
The gross revenue of Jio Platforms, housing Reliance Industries’ telecom and digital businesses, experienced an 11.4% surge, reaching INR 32,510 crore for the concluded quarter.
A statement from Reliance Industries highlighted, “Operating revenue (net of GST) growth continued to be driven by robust subscriber growth across mobility and homes, and benefit of mix improvement in ARPU.”
Jio’s Average Revenue Per User (ARPU) witnessed a 2% YoY rise, reaching INR 181.7, attributed to a better subscriber mix, offset in part by unlimited data allowance on the 5G network. However, when observed sequentially, the ARPU remained flat compared to the September quarter, a key metric for telecom companies.
The 5G rollout played a pivotal role in accelerating subscriber additions for Jio, outpacing competition with 11.2 million net additions in 3Q FY24. Monthly churn was reported at 1.7%.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, emphasized Jio’s accomplishment of the fastest 5G rollout in India, bringing high-speed digital connectivity to every corner of the country.
Reliance Jio Infocomm Chairman, Akash Ambani, expressed confidence in sustaining industry-leading growth in the coming years, attributing it to strategic investments in next-generation networks, digital technologies, and tailored products.
Key highlights include Jio’s 5G network hosting around 90 million subscribers, JioBharat capturing over 45% market share in the sub-INR 1,000 segment, and JioAirFiber (5G home broadband service) expanding to over 4,000 cities and towns.
In conclusion, Reliance Jio reported a 12.2% rise in net profit for the fiscal’s third quarter, ending December 2023, at INR 5,208 crore. Jio’s revenue from operations increased by 10.3% to INR 25,368 crore in Q3FY24, marking a significant growth trajectory.
