Jio Platforms Sees 12% Net Profit Boost in Q4; ARPU Remains Unchanged

Jio Platforms, a subsidiary of Reliance Industries focusing on telecom and digital services, has reported a 12 per cent year-on-year increase in its consolidated net profit for the March quarter, reaching Rs 5,583 crore. This growth is attributed to a surge in subscriber numbers and increased data traffic, although the Average Revenue Per User (ARPU) remained stable at Rs 181.7. The company has made significant strides in India's transition to 5G, boasting over 108 million subscribers, positioning it as the operator with the largest 5G customer base outside China.

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The gross revenue for the quarter stood at Rs 33,835 crore, marking a 13.3 per cent increase from the previous year. Similarly, revenue from operations saw a 13.4 per cent rise to Rs 28,871 crore. Despite these gains, ARPU levels stayed consistent with the previous quarter, influenced by a mix of better subscriber demographics and the influx of promotional 5G traffic which is currently offered unlimited to subscribers without separate charges.

Akash Ambani, Chairman of Reliance Jio Infocomm, highlighted the company's network leadership and its role in offering innovative digital solutions that drive subscriber additions and engagement. He expressed optimism about the continued growth of JioAirFiber subscribers and the expansion of digital services sustaining Jio's industry-leading growth.

For the fiscal year 2024, Jio Platforms recorded a net profit of Rs 21,423 crore, up by 12 per cent from FY23. The full-year revenue from operations reached Rs 109,558 crore, an increase of 11.6 per cent. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, praised Jio's leadership in India's 5G transformation and its efforts in enhancing the nation's digital infrastructure through AI-driven solutions and upgrading users to smartphones.

The company also reported robust subscriber growth across mobility and homes segments, adding 42.4 million subscribers during the year. This growth was supported by both mobility and fixed wireless services contributing to an improved ARPU mix. Jio's network leadership was evident as it added 10.9 million net subscribers in Q4 FY24 alone.

JioAirFiber services have expanded to cover 5,900 cities/towns with plans for pan-India coverage in the near future. The service has seen strong customer demand and engagement, with average daily data usage for AirFiber subscribers at about 13 GB—30 per cent higher than that of JioFiber subscribers.

On a standalone basis, Reliance Jio reported a 13 per cent year-on-year increase in net profit for the March quarter to Rs 5,337 crore. The revenue from operations for Q4FY24 was Rs 25,959 crore, up by 11 per cent over the same period last year. For the full fiscal year of FY24, the standalone net profit stood at Rs 20,466 crore, marking a 12.4 per cent increase from FY23.