Reliance Jio Infocomm Ltd.’s third-quarter profit rose, aided by addition in net subscriber base.
Net profit of India's largest telecom company rose 3% sequentially to Rs 5,208 crore in the quarter ended December 2023, according to an exchange filing on Friday.
The average revenue per user improved 2% year-on-year to Rs 181.7, with better subscriber mix partially offset by unlimited data allowance on 5G network, according to a company statement. However, there is no improvement in ARPU sequentially,
Reliance Jio Q3 FY24 Highlights (QoQ)
Revenue up 2.5% at Rs 25,368 crore.
Ebitda rises 2.5% to Rs 13,277 crore.
Ebitda margin flat at 52.3%.
The telecom company has completed its pan-India 5G rollout and spent Rs 30,102 crore in the third quarter, said Kiran Thomas, president at Reliance Industries.
"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 on next-generation network, digital technologies and tailormade products for all customer cohorts will ensure sustainable industry leading growth in coming years," Akash Ambani, chairman of Reliance Jio Infocomm, said in a statement.
Other Highlights
Jio net added 1.12 crore subscribers in the quarter ended December. Its total customer base stood at 47.09 crore during the period, as compared with 45.97 crore in the previous quarter. Monthly churn was at 1.7%.
Total data traffic was up 31.5% year-on-year at 3,810 crore GB, and total voice traffic rose 7.9% to 1.37 lakh crore minutes.
Net profit of the holding company, Jio Platforms Ltd., rose 2.8% quarter-on-quarter to Rs 5,445 crore in the third quarter, on the back of revenue that increased 3% on an annual basis to Rs 27,697 crore. The company's operational profitability improved 3.1% over the previous quarter to Rs 13,955 crore in the first quarter.
Shares of Jio's parent company Reliance Industries Ltd. closed 0.02% higher, as compared with a 0.75% gain in the benchmark Nifty 50 on Friday.
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