 "Jio, Jio logo")
Telecom business of Reliance Industries, Reliance Jio Infocomm, on Monday reported a 13.2 per cent year-on-year rise in standalone net profit at Rs 5,337 crore for the quarter that ended on 31 March in 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 per cent 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 per cent 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 per cent from Rs 5,208 crore, reported in the last quarter. Similarly, revenue from operations grew 2.32 per cent 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 per cent compared to Rs 18,299 crore reported at the end of FY23.
Consolidated revenue from operations was Rs 1,00,891 crore, up 10 per cent from Rs 91,373 Y-o-Y. Jio Infocomm's total expenses for FY24 went up 9.7 per cent at Rs 73,724 crore, from Rs 67,176 crore at the end of FY23.
Analysts expect the telco’s average revenue per user (ARPU) to remain between Rs 181-184. It was Rs 178.8 during the same period last year and Rs 181.78 in the previous quarter. This was higher than competitor Vodafone Idea but lower than Bharti Airtel.
More From This Section
India's largest mobile network operator had 470.9 million subscribers at the end of last year.
Jio launched a 4G budget-friendly phone called Jio Bharat and wireless broadband Jio AirFiber to boost user growth last year.
