Jio Posts Rs 5098 Crore Net Profit, Rs 180.5 ARPU in Q1 FY24

Reliance Jio

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.

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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.