Reliance Jio Posts Impressive 12.3% YoY Growth in Q3 Net Profit, Reaches ₹5,208 Crores

Reliance Jio Q3 Financial Results: In the quarter ending December 2023, Reliance Jio Infocomm recorded a 3% increase in standalone net profit, reaching ₹5,208 crore compared to ₹5,058 crore in Q2FY24.

Revenue from Mukesh Ambani’s Reliance Industries’ telecom operations rose by 2.5% to ₹25,368 crore from ₹24,750 crore in the previous quarter. Jio’s average revenue per user (ARPU) stood at ₹181.7, showing a 1.96% YoY increase from ₹178.2, remaining unchanged sequentially. On the stock market, Reliance Industries’ share price closed flat at ₹2,735.05 on BSE.

Reliance Jio

All About Reliance Jio’s Q3 Profit Growth

The company attributed the ARPU increase to a better subscriber mix, offsetting unlimited data allowances on the 5G network. Year-on-year, standalone net profit saw a notable 12.3% rise, while revenue from operations increased by 10.3%. Jio reported a record-high gross revenue of ₹32,510 crore in the quarter, marking an 11.4% YoY increase. Operating revenue growth was driven by robust subscriber growth in mobility and homes, along with an improved ARPU mix.

image 749 Reliance Jio Posts Impressive 12.3% YoY Growth in Q3 Net Profit, Reaches ₹5,208 Crores

Operating margin slightly decreased to 26.3% from the previous year. Total expenses rose 2.5% sequentially and 10% YoY, with licensing and spectrum costs up by 10%. As of December, the debt-to-equity ratio increased to 0.19 times from 0.17 times a year ago. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 11.5% to ₹13,955 crore, with Jio’s EBITDA margin improving to 50.4% in the December quarter.

Jio reported that the launch of 5G accelerated new subscriber additions, with 11.2 million net additions in Q3 FY24 and a monthly churn rate of 1.7%. Internet and voice traffic on the Jio network rose by 31.5% and 7.9% YoY, respectively. The company highlighted the successful rollout of the Jio True 5G network across India, surpassing expectations and transitioning nearly 90 million users to 5G. JioAirFiber witnessed strong demand, particularly in underserved tier 3/4 towns and rural areas. Jio aims for nationwide coverage in the first half of 2024.

image 750 Reliance Jio Posts Impressive 12.3% YoY Growth in Q3 Net Profit, Reaches ₹5,208 Crores

Innovations during the quarter included the launch of JioTV Premium plans, an Innovation Hub in Mumbai, and a partnership with Plume for smart home and small business services. Mukesh D Ambani, CMD RIL, expressed satisfaction with Jio achieving the fastest rollout of True 5G services in India, providing high-speed digital connectivity nationwide.

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