Reliance Jio Q1 results: Net profit rises 12% to Rs 4,863 cr; ARPU rises marginally to Rs 180.5

Reliance Jio Infocomm, the telecom arm of Mukesh Ambani's Reliance Industries Ltd, reported a 12.2% rise in first-quarter profit on Friday, as it added more subscribers.

Jio, India's biggest telecom carrier by subscribers, said net profit climbed to Rs 4,863 crore in April-June, from Rs 4,335 crore a year ago.

Its revenue from operations rose 9.9% to Rs 24,042 crore. The total income of Reliance Jio during the reported quarter rose to Rs 24,127 crore from Rs 21,995 crore a year ago.

The telco reported 3% rise in revenue, EBITDA and net profit on sequential basis.

Akash M Ambani, Chairman, Reliance Jio Infocomm Limited, said: “Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete pan India 5G rollout before December 2023. The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate ‘2G-MUKT BHARAT’ vision and democratise internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years.”

Jio said its average revenue per user (ARPU), a key metric for gauging telcos' profitability, rose marginally to Rs 180.5 in Q1FY24 as against Rs 178.8 in Q4FY23.

Recently, Jio launched internet-enabled Jio Bharat phones at Rs 999, packing-in cheaper monthly plan of Rs 123 for unlimited voice calls and 14 GB data.

The new offering aims to accelerate the '2G Mukt Bharat' vision, as India still has 250 million mobile subscribers trapped in the 2G era with feature phones.

Jio reported a strong double digit Ebitda growth at 15% YoY in Q1FY24.

Jio said it "continues to occupy leadership position and transform the wired broadband with almost 1 crore customers" and claims 80% share of industry net additions.

Operating revenue growth was driven by subscriber gains in connectivity business and scale-up of digital services.