Reliance Jio’s Q4 profit up 12 per cent

Reliance Jio Platforms reported a 12 per cent increase in its consolidated net profit for the fourth quarter ended March 31, 2024 to ₹5,583 crore compared to ₹4,984 crore in the same quarter last year. Revenue from operations was up 13.4 per cent to ₹28,871 crore compared to ₹25,465 crore.

“Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation’s digital infrastructure,” said Mukesh Ambani, Chairman, RIL

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Revenue metrics

 Jio added 10.9 million net subscribers during Q4 FY24 taking the total user base to 481 million. Monthly churn was 1.5 per cent. Average revenue per user, however grew only by 1.6 per cent to ₹181.7 per month. This was due to an increasing mix of promotional 5G traffic, offered unlimited to subscribers and not yet charged separately. Jio has rolled out its 5G network across India, with 108 million subscribers migrating to 5G network. The 5G network now carries 28 per cent of Jio’s wireless data traffic, with the entire 5G data being carried on Jio’s own 5G+4G combo core. 

JioAirFiber services, the wireless home broadband services using 5G network, are now being offered across 5,900 cities/ towns, with further ramp-up towards pan India coverage soon. “Customer demand and engagement have been strong with JioAirFiber’s unique proposition as an entertainment-first product bundled with world-class broadband connectivity. Average daily data usage for AirFiber subscribers is at 13 GB, which is 30 per cent higher than JioFiber subscribers,” the company said. 

Akash M Ambani, Chairman of Reliance Jio Infocomm 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.”