Jio Platforms booked profit and revenue gains in its fiscal Q3 2024 (ending 31 December 2023), with 5G subscribers topping 90 million and the network carrying nearly 25 per cent of its mobile data traffic.

Mukesh Ambani, chair and MD of Jio’s parent Reliance Industries, cited uptake of low-cost JioBharat handsets and fixed wireless access (FWA) service JioAirFiber as drivers of subscriber growth.

He noted the increases contributed to “the stellar growth numbers of the digital services business”.

Net profit grew 11.6 per cent year-on-year to INR54.5 billion ($654.5 million), with revenue up 11.4 per cent to INR325.1 billion.

It added 11.1 million 5G subscribers: the figure hit 50 million in August 2023.

Jio’s total mobile subscriber base increased by 38 million to 470.9 million. 

ARPU rose 2 per cent to INR181.70, with the company noting the rate of growth slowed due to offering unlimited data allowances for new 5G users.

Jio did not offer an update on a target of deploying nearly 1 million base stations by December 2023, but Ambani said every “city, town and village…is now equipped with high-speed digital connectivity, which will usher in a new era of unparalleled digital accessibility and technology-led growth”.

Its JioAirFiber service is available in 4,000 cities and towns, with nationwide coverage expected by end-June.

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