Reliance Jio Q2 results: Telco posts 4% QoQ rise in net profit at Rs 5,058 cr; ARPU rises to Rs 181.7

Reliance Jio Infocomm, the telecom unit of Mukesh Ambani's Reliance Industries, posted only 4% sequential rise in net profit due to higher expenses and the absence of tariff increases.

Jio's net profit rose 4% to Rs 5,058 crore in the July-September quarter from Rs 4,863 crore in June quarter. 

Revenue rose 3% to Rs 24,750 crore in Q2FY24 as against Rs 24,042 in Q1FY24. Jio did not announce any tariff hikes in the quarter. On an annual basis, Jio's net profit rose 12% and revenue climbed 10%.

It is looking to further boost user growth with the recent launch of a 4G budget-friendly phone and wireless broadband Jio AirFiber.

Jio's average revenue per user (ARPU) rose to Rs 181.7 in Q2FY24 as compared to Rs 180.5 a quarter ago.

"Engagement on Jio network remained strong with an addition of over 3 Exabytes of data traffic for the second successive quarter in 2Q FY24. Total data and voice traffic increased 28.5% and 8.3% Y-o-Y, respectively," said Jio in press release. 

"Strong subscriber growth across mobility and wireline services and scale up of digital services platform drove JPL consolidated revenue and EBITDA growth," the telco added.

Akash Ambani, Chairman of Reliance Jio Infocomm, 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 fiber 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.”

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth. I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone.

"Based on our state-of-theart standalone 5G network, JioAirFiber significantly expands the reach and benefit of high-speed connectivity to millions of households across India. JioBharat phone will enable digital inclusion for millions of Indians and catalyse India’s transformation to next-gen connectivity solutions. By December 2023, we will also complete Pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation."