Reliance Jio Infocomm Limited has released its unaudited standalone financial results for the quarter ended (QE) September 30, 2023. The company reported a net profit of Rs 50.58 billion during the reported quarter. Its revenue from operations rose to Rs 247.5 billion during the quarter compared with Rs 240.42 billion in the previous quarter.
Net subscriber addition continued to accelerate with Jio adding 11.1 million subscribers during the quarter. Monthly churn was 1.7 per cent. As per the company, average revenue per user (ARPU) increased 2.5 per cent year-on-year (YoY) to Rs 181.7 driven by a better subscriber mix across mobility and wireline partially offset by the start of 5G services. Engagement on the Jio network remained strong with an addition of over 3 exabytes of data traffic for the second successive quarter. Total data and voice traffic increased 28.5 per cent and 8.3 per cent YoY, respectively.
Commenting on the results, Akash M Ambani, chairman, Jio, said, “Jio True5G will soon be available pan-India to usher in a new digital era for Indians. JioAirFiber has seen very strong customer interest and is set to transform broadband infrastructure in the country by offering fibre-like digital experience to homes and small enterprises. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability.”