“ARPU increased 2.0% Y-o-Y to ₹181.7 with better subscriber mix partially offset by unlimited data allowance on 5G network,” said the company in its exchange filing.
Also Read: Reliance Q3 Results Live Updates: Net profit up 9.3% to ₹17,265 crore, EBITDA up 17% YoY
On a year-on-year basis, the telecom company reported a 12.3% jump in standalone net profit for the quarter ended December 2023, from 4,638 crore in Q3FY23. The revenue from operations rose 10.3% from ₹22,998 crore in the same quarter a year ago.
The company’s gross revenue for the quarter ended December was at a record high of ₹32,510 crore, up 11.4% Y-o-Y, as per company’s filing.
“Operating revenue (net of GST) growth continued to be driven by robust subscriber growth across mobility and homes, and benefit of mix improvement in ARPU,” the company said in its release.
Also Read: Reliance Q3 Results Highlights: Jio, Retail shine; O2C revenue declines; 5 key highlights from RIL Q3 earnings
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During the quarter, the operating margin decreased slightly to 26.3% from 26.6% in the previous year and 26.4% in the previous quarter.
The telecom operator’s total expenses rose 2.5% sequentially to ₹18,518 crore from ₹18,063 crore in Q2FY24, and 10% on year from ₹16,839 crore in the same period the previous year. Licencing and spectrum costs increased by 10% to ₹2,330 crore from ₹2,120 crore in the previous year and by 1.7% from ₹2,290 crore in the previous quarter.
As of the end of December, the debt-to-equity ratio was 0.19 times, up from 0.17 times in the same quarter a year ago.
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) of the Reliance Jio jumped 11.5% to ₹13,955 crore from ₹12,519 crore during the corresponding quarter last fiscal.
Also Read: Reliance Industries Q3: Company reports net profit of ₹17,265 crore
Jio’s EBITDA margin improved 10 bps YoY to 50.4% in December quarter.
The company said in an exchange filing that the launch of 5G has increased the momentum of new subscriber additions, with Jio continuing to beat competitors with 11.2 million net additions in 3Q FY24; 1.7% was the monthly churn.
The Jio network continued to see high levels of engagement; overall internet and voice traffic rose by 31.5% and 7.9% year over year, respectively.
“Jio has accomplished the fastest rollout of 5G network 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 on next-generation network, digital technologies and tailor-made products for all customer cohorts will ensure sustainable industry leading growth in coming years,” said Akash M Ambani, Chairman of Reliance Jio Infocomm.
Also Read: Reliance Retail Q3FY24 results: Net profit rises 32% YoY to ₹3,165 crore, revenue up 24% YoY
Strategic progress during Q3FY24
Jio launched its Jio True 5G network throughout India earlier than expected during the quarter. Jio has moved almost 90 million users to its 5G network.
With three SKUs available on the JioBharat platform, ranging in price from ₹999 to ₹2,599, users now have additional options. In the sub- ₹1,000 sector, JioBharat holds a market share of more than 45%. More than 4,000 cities and towns already offer JioAirFiber, with nationwide coverage anticipated in the first half of 2024.
Jio announced the launch of JioTV Premium plans for prepaid mobile customers, which provide perks for phone and internet as well as access to premium content from up to 14 OTT platforms. During the quarter, an Innovation Hub was created in Mumbai by Jio and TM Forum, the premier worldwide coalition of telecom and tech enterprises.
Jio also said during the quarter that it has partnered with consumer experience leader Plume to provide its users in India industry-leading smart home and small business services.
“I am happy to share that Jio has completed in India the fastest rollout of True 5G services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity, which will usher in a new era of unparalleled digital accessibility and technology-led growth,” said Mukesh D Ambani, CMD RIL.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 19 Jan 2024, 04:52 PM IST