Jio Platforms Q3 profit rises 11.6% to Rs 5,445 crore on robust subscriber growth

Reliance Jio added 11.2 million users in the December quarter for a total of 470.9 million.

Jio Platforms Ltd, the holding company for India’s largest mobile phone operator, said fiscal third-quarter profit rose 11.6 percent from a year earlier to Rs 5,445 crore on strong subscriber additions.

Gross revenue rose 11.4 percent to Rs 32,510 crore in the three months ended December 31.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin widened 10 basis points to 50.4 percent from a year earlier.

Telecom unit, Reliance Jio Infocomm Ltd said December quarter net profit rose 12.3 percent to Rs 5,208 crore as more users chose the company’s mobile phone services. It added 11.2 million users in the December quarter for a total of 470.9 million.

Catch all updates on RIL's Q3 earnings report here

The telecom company beat brokerage estimates that projected Jio would add 9 million subscribers.

Revenue from operations rose 10.3 percent to Rs 25,368 crore.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 12 percent in the December quarter to Rs 13,955 crore.

Total data traffic on the Jio network increased 32 percent to 38.1 exabytes during the December quarter.

“Jio has accomplished the fastest rollout of 5G technology witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong initial demand and customer engagement, especially in underserved tier 3/4 towns and rural areas. Jio’s ahead-of-the-curve investments in next-generation networks, digital technologies, and tailor-made products for all customer cohorts will ensure sustainable industry-leading growth in coming years," said Akash M Ambani, Chairman, Reliance Jio Infocomm.

Reliance Jio’s average revenue per user (ARPU) per month of the company improved 2 percent to Rs 181.7, with a better mix of subscribers.

“Jio has rolled out the Jio True 5G network across India ahead of schedule. About 90 million subscribers have migrated to Jio’s 5G network. The Jio True 5G network now carries almost one-fourth of Jio’s mobility data traffic, and the entire 5G data is now carried on Jio’s own 5G+4G combo core,” the company said.

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