Reliance Jio has again posted tremendous quarterly numbers in Q1 FY24. The telco said that its net profit grew from Rs 4984 crore in Q4 FY23 (the previous quarter) to Rs 5098 crore. During the same quarter last year, Jio's net profit was Rs 4530 crore, which means the telco has seen a positive growth of 12.5% YoY in net profits. But more so than that, Jio would be relieved about a slightly more meaningful growth in the average revenue per user (ARPU) figure during the quarter.
For the previous two to three quarters, Jio has not really seen its ARPU improving much. But during this one, it rose from Rs 178.8 in Q4 FY23 to Rs 180.5. 5G deployment clearly had a positive impact on the data consumption pattern of the consumers. From 25.9 billion GB of data in Q1 FY23, Jio reported that the total data consumed by its customers during Q1 FY24 was 33.2 billion GB. This means a growth of 28.3% YoY in overall data consumption.
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Reliance Jio has kept the lead when it comes to adding subscribers during the quarter. The telco added 9.2 million users and was able to reduce the monthly churn rate to 1.8%, which is a pretty good figure given the industry standard. Reliance Jio's total subscriber base stood at 448.5 million at the end of June 2023, the most by any telecom operator in India.
In its results, the company said, "Jio has deployed over 115,000 sites with ~690,000 5G cells covering more than 90% census towns and is leading in terms of both network availability and customer experience as evaluated by third-party technology and consumer research companies."
Jio was also able to improve its B2B revenues during the quarter, - "Growth in digital services platform with newer services like Managed Video Broadcast and Cloud solutions, drives JPL consolidated revenue growth," said the company in its statement.
Mukesh Ambani, CMD, Reliance Industries 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. Speedy roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace.”
Akash Ambani, Chairman, Reliance Jio Platforms Limited, said, "The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate ‘2G-MUKT BHARAT’ vision and democratize internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years."
