Continuing its growth momentum, the country’s largest telecom operator Reliance Jio reported a 12.5% increase in its consolidated net profit to INR 5,098 Cr in the first quarter (Q1) of the financial year 2023-24 (FY24) from INR 4,530 Cr in the year-ago quarter.
Sequentially, net profit rose 2.2% from INR 4,984 Cr in Q4 FY23.
Revenue from operations of Jio Platforms, the parent company of the telco, grew 11.3% year-on-year (YoY) to INR 26,115 Cr in Q1 FY24. On a quarter-on-quarter basis, operating revenue grew 2.5% from INR 25,465 Cr.
The company attributed the growth in operating revenue to subscriber gains in the telecom space and expansion of its digital services.
In a statement, RIL Chairman Mukesh Ambani said, “Jio’s wide range of quality offerings at affordable price points has enabled strong growth in subscriber base, which reflects in the financial performance of the digital services business….”
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14.8% YoY to INR 13,116 Cr during the period under review due to growth in the number of users and average revenue per user (ARPU).
Reliance Jio’s total subscriber base stood at 448.5 Mn at the end of June 2023, up 6.8% from 419.9 Mn at the end of Q1 FY23.
Average revenue per user (ARPU) during the quarter rose 2,8% to INR 180.5 per month from INR 175.7 in Q1 FY23. On a QoQ basis, ARPU rose nearly 1% from INR 178.8.
(The story will be updated soon.)
The post Reliance Jio Q1 Net Profit Rises 12.5% YoY To INR 5,098 Cr, ARPU Up At INR 180.5 appeared first on Inc42 Media.
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