Q4 FY24-RJio reports 13.2% increase in PAT at 481.8 mn subscribers

The telecom business of Reliance Industries, Reliance Jio Infocomm, has reported a 13.2 percent year-on-year rise in standalone net profit at Rs 5,337 crore for the quarter that ended on 31 March in the financial year 2023-24 (Q4FY24). The company had reported a net profit of Rs 4,716 crore during the same period last year (Q4FY23).

The company’s revenue from operations increased by around 11 percent to Rs 25,959 crore in Q4, compared to Rs 23,394 reported in the year before. The company’s total expenses grew at a slightly slower pace of 10.2 percent Y-o-Y at Rs 18,917 crore from Rs 17,172 in Q4FY23.

Sequentially, the company’s net profit grew marginally by 2.47 percent from Rs 5,208 crore, reported in the last quarter. Similarly, revenue from operations grew 2.32 percent from Rs 25,368 crore reported in Q3.

The consolidated net profit for the entire financial year 2023-24 was Rs 20,607 crore, up 12.6 percent compared to Rs 18,299 crore reported at the end of FY23.

Consolidated revenue from operations was Rs 1,00,891 crore, up 10 percent from Rs 91,373 Y-o-Y. Jio Infocomm’s total expenses for FY24 went up 9.7 percent at Rs 73,724 crore, from Rs 67,176 crore at the end of FY23.

RJio had 470.9 million subscribers at the end of last year.

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 of 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.”

CT Bureau