Reliance Jio Q4: Steady growth with 13% profit jump and 108M 5G users

Reliance Jio delivered a solid performance in the March quarter (Q4FY24), exceeding some analyst expectations. Net profit rose 13% YoY to Rs 5,337 crore, exceeding forecasts like Morgan Stanley's 1.7% increase. Revenue also grew 11% YoY to Rs 25,959 crore. Jio Platforms’ quarterly EBITDA stood at Rs 14,360 crore, up 12.5% Y-o-Y. Jio also reported industry leading subscriber growth with net additions of 42.4 million during FY24.

Jio added a healthy 10.9 million subscribers, reaching a total of 481.8 million. This further solidifies its position as India's largest telco. Jio leads the way in 5G adoption with over 108 million users, boasting the second-largest 5G subscriber base globally (after China). Notably, 28% of Jio's mobile data traffic now comes from its 5G network.

ARPU remained flat at Rs 181.7 due to a mix of factors, including a better subscriber mix offset by the impact of unlimited promotional 5G traffic. In a separate announcement, Sanjay Mashruwala, a long-serving Reliance executive, stepped down as Managing Director of Jio.

Jio is focusing on fixed wireless services like Jio AirFiber, which offers high data usage of 13 GB per day. The company sees potential for its software solutions in specific business segments like hospitality, education, and healthcare.

Overall, Jio's Q4 results demonstrate steady growth with a strong emphasis on expanding its 5G network and subscriber base.

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “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.”

Akash M Ambani, Chairman, 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.”