In the quarter ending March 31, Reliance Jio Infocomm Ltd, the telecom arm of Reliance Industries Ltd (RIL), experienced an 11 percent increase in revenue, reaching Rs 25,959 crore. During the same period, the company recorded a 13 percent rise in fiscal fourth-quarter profit, posting a net profit of Rs 5,337 crore compared to Rs 4,716 crore in the preceding year. Revenue for the quarter ended March 31 saw a growth of 11 percent, climbing from Rs 23,394 crore in the previous year to Rs 25,959 crore.
Jio Platform, which holds India’s largest mobile phone operator, reported a 12 percent increase in net profit for the fiscal fourth quarter compared to the previous year, reaching Rs 5,583 crore, attributed to substantial subscriber additions and the expansion of wireline services, resulting in an improved subscriber mix. Additionally, Jio Platforms’ EBIDTA for the quarter ending March 2024 rose by 12.5% year-on-year to Rs 14,360 crore due to enhanced revenue and consistent margin improvement.
The average revenue per user (ARPU) for Reliance Jio in the fourth quarter of the fiscal year ending March 31, 2024, reached Rs 181.7, showing an increase from Rs 178.8 in the corresponding period of the previous year. However, this growth was partially offset by the rising proportion of promotional 5G traffic, which is currently offered unlimited to subscribers without separate charges.
Jio reported robust customer engagement, with total data traffic surging by 35.2% year-on-year to 40.9 billion GB in the quarter, and voice traffic increasing by 9.7% year-on-year to 1.44 trillion minutes. Their nationwide True5G network boasts over 108 million subscribers, and currently accommodates over 28% of the telco’s wireless data traffic, all managed through its dedicated 5G+4G combo core. The telecom operator achieved exceptional subscriber growth, adding 42.4 million during FY2024 and an additional 10.9 million in Q4 FY2024, outstripping competitors in the industry.
“Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels. Continued acceleration in growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio,” Akash M Ambani, Chairman of Reliance Jio Infocomm said in a statement.
Jio’s fixed wireless access (FWA) service, JioAirFiber, is currently available in approximately 5,900 cities/towns, and there are plans for further expansion to achieve nationwide coverage soon. The telco emphasized that customer demand and engagement have remained high, attributing it to JioAirFiber’s distinct offering as an entertainment-focused product bundled with broadband connectivity.
