Jio profit grows as 5G reach widens

Jio Platforms claimed its 5G footprint reached 2,300 cities and towns across India, with the company booking continued growth in profit, subscribers and ARPU in its fiscal Q4 2023 (ending 31 March).

In an earnings statement, chairman and CEO of parent Reliance Industries Mukesh Ambani highlighted steady growth in mobile and FTTH subscribers as drivers of operating profit gains.

Ambani also credited “an expanding bouquet of content and digital services” provided by its “Jio business”.

Jio Platforms is the holding company of Reliance Jio.

During its fiscal Q4, Reliance Jio’s mobile subscriber base increased 7.1 per cent year-on-year to 439.3 million.

Net profit grew 15.6 per cent to INR50 billion ($610.2 million), operating revenue 14.4 per cent to INR254.7 billion and ARPU 6.7 per cent to INR178.80.

Reliance Jio chairman Akash Ambani noted 5G had driven significant improvement in customer experience, “reflected in the higher engagement levels”.

He added the operator remains committed to building a “robust digital society with tailor-made technology platforms”.

The operator disclosed in mid-March it had deployed 5G in 406 cities.

It began deployments in October 2022, aiming to reach 1,000 cities in less than 18 months.