Reliance Jio Infocomm Limited has released its unaudited standalone financial results for the quarter ended (QE) June 30, 2024. The company reported a net profit of Rs 54.45 billion during the reported quarter as compared to 48.63 billion for QE June 30, 2023. Its revenue from operations rose to Rs 264.78 billion during the quarter under consideration compared with Rs 240.42 billion as of June 30, 2023.
As per the company, average revenue per user (ARPU) increased sequentially to Rs 181.7 as compared to Rs 178.2 as of June 30, 2023, due to a better subscriber mix, partially offset by an increasing mix of promotional 5G traffic being offered on an unlimited basis to subscribers and not charged separately. In addition, earnings before interest, tax, depreciation and amortisation (EBITDA) margin increased by 150 bps as compared to increase by 170 bps as of June 30, 2023, due to strong contribution from oil and gas and consumer business offset weak oil-to-chemicals (O2C).
Commenting on the results, Akash M Ambani, chairman, Reliance Jio Infocomm Limited, said, “Ubiquitous, high-quality, affordable internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaid plans would foster industry innovation towards 5G and artificial intelligence (AI) and drive sustainable growth. Jio with its superior network and new service propositions would further build its market leadership with a customer first approach.”
