Reliance Jio profit jumps 28% to ₹4,638 crore in Q3 on sustained subscriber additions

Reliance Jio reported a 28.2 per cent year-on-year increase in net profit in the third quarter of the current fiscal. 

Profits rose to ₹4,638 crore (₹3,615 crore in Q3FY22). Revenue from operations rose to 18.87 per cent to ₹22,998 crore ) .

The company’s EBITDA came in at ₹12,009 crore, up 4.52 per cent quarter on quarter (QoQ), while the EBITDA margin was at 52.2 per cent against 51 per cent in the previous quarter. According to the company, sustained subscriber additions and higher ARPU drove revenue and EBITDA growth for the connectivity business. 

Net subscriber addition for Jio was 5.3 million.The average revenue per user for the company this quarter was ₹178.2, with increasing per capita data consumption. Data traffic grew at 29 exabytes, up 24 per cent year on year. Updating on their 5G plans, Jio said it has started 5G services in 134 cities, set up over 25,000 5G sites, and are providing a consistent experience of 600 Mbps.

Kiran Thomas, President, Reliance Industries, said Jio would be launching value-added 5G services such as cloud gaming, Jio cloud PC, home IOT, Jio Glass and augmented and virtual reality in the near future, through Jio Air Fiber. However, he did not specify the exact timeline for the launch of the products.

On Jio Platforms enabling streaming of the FIFA World Cup 2022, Thomas added, “We had north of 100 million viewers watching the World Cup on a streaming basis, although 80 per cent were on mobile. Since this was a complete cloud-native implementation, at the peak, we were able to scale to more than 12 million users at the peak, with more than 30 million users coming at any given day to watch the matches. At the peak through our CDM network, we were able to support 20 terabits per second of media being offered during the World Cup.”