Reliance Industries Surpasses Estimates with 10.9% Rise in Q3 Net Profit to Rs 19,641 Crore

20 Jan 2024 , 11:07 AM

Jio Platforms Ltd (JPL) reported an 11.6% YoY increase in net profit to Rs 5,445 crore for Q3 of FY24, driven by robust subscriber growth.

Sequentially, the net profit for the holding company of Reliance Jio and other digital businesses rose by 2.8%.

Q3 revenue from operations grew by 11.3% YoY to Rs 27,697 crore, attributed to strong subscriber growth in mobility and homes, and improved average revenue per user (ARPU).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter reached a record Rs 13,955 crore, marking an 11.5% YoY increase.

Jio Platforms gained 11.2 million new subscribers in Q3, continuing the growth trend from the previous quarters.

This marked the fifth consecutive quarter of growth after a decline in subscribers for three consecutive quarters, previously attributed to SIM consolidation.

Q3 ARPU stood at Rs 181.7, showing a 2% annual change. The better subscriber mix offset by unlimited data allowance on the 5G network contributed to the improved ARPU.

Approximately 90 million subscribers have migrated to Jio’s 5G network, which now carries a significant portion of Jio’s mobility data traffic.

Jio’s True 5G network utilizes its own 5G+4G combo core for handling the entire 5G data, with no tariff hikes announced in the quarter.

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