Reliance Jio Q3 results: Net profit rises 12% to Rs 5,208 cr; ARPU rises 2% to Rs 181.7

Net profit of Reliance Jio, the telecom unit of Reliance Industries Ltd, on Friday reported 3% sequential increase in net profit at Rs 5,208 crore for the quarter ending December 31, 2023.

It reported net profit of Rs 5,058 crore in the September quarter.

On an annual basis, the telco's net profit rose 12% when compared to Rs 4,638 crore in Q3FY23. Its revenue rose 11% to Rs 27,697 crore in Q3FY24 as against Rs 24,892 crore in Q3FY23.

Jio broke a four-quarter streak of slowing profit growth on Friday, boosted by subscriber additions partly after the recent launch of its 4G budget-friendly phone.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: "I am happy to share that Jio has completed in India the fastest rollout of True 5G services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity, which will usher in a new era of unparalleled digital accessibility and technology-led growth. The strong uptake of the JioBharat phone and JioAirFiber services has resulted in continued expansion of Jio’s subscriber base, contributing to the stellar growth numbers of the digital services business."

Average revenue per user remained flat, on a sequential basis, at Rs 181.7 in Q3FY24 but rose 2% on an annual basis.

"ARPU increased 2.0% Y-o-Y to Rs 181.7 with better subscriber mix partially offset by unlimited data allowance on 5G network," said RIL in a stock exchange filing.