Reliance Jio Infocomm reported its first quarter results of the fiscal year 2024. Mukesh Ambani-led has reported a 12.2% on-year rise in net profit in the first quarter of FY24. The telecom company’s March quarter revenue from operations came in at Rs 24,042 crore in comparison to Rs 23,394 crore in the quarter ending March 31, 2023 and Rs 21, 873 crore in the year-ago period. Reliance Jio Infocomm is the telecom unit of Jio Platforms, which runs the digital services of Reliance Industries Limited.
The company’s net profit in the quarter ended March stood at Rs 4863 crore as compared to Rs 4716 crore in the previous quarter and Rs 4335 crore a year ago. During the quarter, Jio saw lower license fee, spectrum and finance costs offsetting a rise in depreciation, amortisation and network operating expenses.
Added 9.2 million users
Reliance Jio Infocomm, the telecom unit of Jio Platforms, added 9.2 million users to its network in the June quarter. Jio’s total subscriber base was 448.5 million as on June 30. The rise signalled acceleration in net subscriber addition from 6.4 million in the December 2022 quarter.
Quarterly ARPU, a key performance parameter, improved to Rs 180.5 from 179 in the fourth quarter of FY23, due to better subscriber mix and ramp-up of wireline services, the company said). It fell short of the street estimate of Rs 180.25.
The Reliance Industries subsidiary posted 11.3% increase in revenue from operations on-year at Rs 26, 115 crore, also led by steady increase in subscriber base, and ARPU, the company said.
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