Jio Platforms Posts Strong Financial Performance in Q4 FY2024

Jio Platforms, the digital arm of Reliance Jio, has unveiled its financial results for the January-March quarter of 2024, showcasing robust growth in revenue, 5G subscribers, Average Revenue Per User (ARPU), and profits.
“Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India,” Mukesh D Ambani, CMD of Reliance Industries (RIL), said.

“Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels,” Akash M Ambani, Chairman of Reliance Jio, said.

In the fourth quarter of the fiscal year 2024, Jio Platforms recorded a 12.5 percent increase in Earnings Before Interest, Depreciation, Taxes, and Amortization (EBIDTA), reaching ₹14,360 crore. Additionally, the net profit rose by 12 percent to ₹5,583 crore during the same period.

Jio’s performance in subscriber addition remained unparalleled, with an industry-leading addition of 42.4 million subscribers throughout the fiscal year 2024. In the fourth quarter alone, the company added 10.9 million subscribers, outpacing its competitors.

The ARPU for Reliance Jio stood at Rs 181.7 in Q4 FY2024, compared to Rs 178.8 in the same quarter previous year, driven by a better subscriber mix. However, the increasing mix of promotional 5G traffic, provided unlimited to subscribers without separate charges, partially offset this growth.

Customer engagement levels remained robust, with total data traffic surging by 35.2 percent to 40.9 billion GB during the quarter. Additionally, voice traffic increased by 9.7 percent to 1.44 trillion minutes.

Jio’s pan-India True 5G network has now garnered over 108 million subscribers, carrying approximately 28 percent of the company’s wireless data traffic. The entire 5G data is managed on Jio’s own 5G+4G combo core infrastructure.

Furthermore, Jio AirFiber, the company’s broadband service, is now accessible across 5,900 towns in India. The service has witnessed significant demand in Tier 2 towns and beyond, resulting in the highest-ever home connects. Content bundling strategies have further fueled engagement, with per capita monthly usage reaching approximately 400 GB.