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Q3FY24: Jio Platforms reports Rs 5,445 cr net profit, up 11.6% YoY

Q3FY24: Jio Platforms reports Rs 5,445 cr net profit, up 11.6% YoY

| @indiablooms | 20 Jan 2024, 02:14 am

Mumbai: Jio Platforms Ltd, the parent company of India's largest mobile phone operator, reported a growth of 11.6 percent in its fiscal third-quarter profit compared to the previous year, reaching Rs 5,445 crore, primarily driven by a significant increase in subscribers.

During the three months ending on December 31, gross revenue also experienced an 11.4 percent surge, reaching Rs 32,510 crore.

The Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expanded by 10 basis points to 50.4 percent year-over-year.

Reliance Jio Infocomm Ltd, the telecommunications unit, disclosed a 12.3 percent increase in net profit for the December quarter, totalling Rs 5,208 crore.

This growth was attributed to a rising number of users opting for the company's mobile phone services.

The company added 11.2 million users in the December quarter, bringing the total to 470.9 million. Revenue from operations increased by 10.3 percent to Rs 25,368 crore.

In the same period, EBITDA rose by 12 percent to Rs 13,955 crore. The Jio network observed a 32 percent increase in total data traffic, reaching 38.1 exabytes during the December quarter.

Reliance Jio's average revenue per user (ARPU) per month showed a 2 percent improvement, reaching Rs 181.7, supported by a more favourable mix of subscribers.

Total data traffic on the Jio network increased 32 percent to 38.1 exabytes during the December quarter.

“Jio has accomplished the fastest rollout of 5G technology witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong initial demand and customer engagement, especially in underserved tier 3/4 towns and rural areas. Jio’s ahead-of-the-curve investments in next-generation networks, digital technologies, and tailor-made products for all customer cohorts will ensure sustainable industry-leading growth in coming years," said Akash M Ambani, Chairman, Reliance Jio Infocomm.

Reliance Jio’s average revenue per user (ARPU) per month of the company improved 2 percent to Rs 181.7, with a better mix of subscribers.

“Jio has rolled out the Jio True 5G network across India ahead of schedule. About 90 million subscribers have migrated to Jio’s 5G network. The Jio True 5G network now carries almost one-fourth of Jio’s mobility data traffic, and the entire 5G data is now carried on Jio’s own 5G+4G combo core,” the company said.

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