Reliance Jio Infocomm Limited has released its unaudited standalone and consolidated financial results for the quarter ended (QE) and year ended March 31, 2024. The company reported a net profit of Rs 189.51 billion during the reported quarter up from Rs 172.65 billion from the previous quarter. Its revenue from operations rose to Rs 2,407.15 billion during the quarter compared with Rs 2,279.70 billion in the previous quarter. Revenue from operations increased primarily driven by a sustained increase in the subscriber base for the connectivity business.
Meanwhile, net profit for the fiscal year (FY) 2023-24 stood at Rs 696.21 billion, up from Rs 667.02 billion in the previous year. Revenue for operations during the year ended March 2024 was Rs 9,144.72 billion, up from Rs 8,913.11 billion in the previous financial year. Healthy growth in revenue from operations was led by the full impact of tariff hike, ramp-up of wireline services and continued subscriber addition for mobility services.
The operator added 10.9 million net users during the reported quarter. As per the company, average revenue per user (ARPU) increased 1.6 per cent year-on-year (YoY) sequentially to Rs 181.7 due to better subscriber mix and data add-ons within select customer cohorts.
Commenting on the results, Akash M Ambani, chairman, Reliance Jio Infocomm Limited, said, “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.”
