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Jio Q3 results: Net profit rises 28% to Rs 4,638 cr

Reliance Jio, the telecom arm of Mukesh Ambani-led conglomerate Reliance Industries Ltd, reported a 28.3% rise in third-quarter profit on Friday, as it added more users.

Jio, India’s biggest telecom carrier by subscribers, said net profit rose to Rs 4,638 crore in three months ended Dec. 31, from Rs 3,615 crore a year ago.

Its revenue from operations climbed nearly 19% to Rs 22,998 crore compared with Rs 19,502 crore in the same quarter last year.

Operating profit margin for the quarter improved to 26.6% in the December quarter compared with 26.3% in September and 26.1% in the year-ago quarter. Net profit margin came in at 17.1% against 17% in September and 26.1% in the corresponding quarter last year.

It had 432.9 million users as of end-December, almost 3% higher from year-ago period.

ARPU (average revenue per user) increased sequentially to Rs 178.2 due to better subscriber mix, said the company. “Sustained subscriber additions and higher ARPU drive revenue and EBITDA growth for the connectivity business. In addition, higher realistions from digital services drive consolidated revenue growth,” said Reliance Industries in a stock exchange filing. EBITDA margin increased by 170 bps due to increased ARPU and benefit from lower spectrum usage charges, it said.

In its commitment to enable 5G for all, Jio has extended coverage of its True5G services to 134 cities across India, it said.

Akash M Ambani, Chairman, Reliance Jio Infocomm Limited, said, “Jio is undertaking the most ambitious and fastest ever 5G rollout plan for any country of our size. Within three months of launch, Jio True5G is now available across 134 cities and would be available across India by December 2023. In addition, Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences. We will also empower small merchants and businesses with cutting-edge, plug-and-play solutions delivered from the cloud.”

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