Reliance Jio Infocomm, the telecom division of Reliance Industries, said on Monday that its standalone net profit for the quarter ending on March 31, 2023–24, increased by 13.2% year over year to Rs 5,337 crore (Q4FY24). During the same time previous year, the firm posted a net profit of Rs 4,716 crore (Q4FY23).
In Q4 of last year, the company's income from operations was Rs 25,959 crore, up almost 11% from Rs 23,394 crore in Q3 of the previous year. The company's total costs increased from Rs 17,172 in Q4FY23 to Rs 18,917 crore in Q4FY23, growing at a little slower rate of 10.2 percent Y-o-Y.
Comparatively speaking, the company's net profit increased slightly from Rs 5,208 crore in the previous quarter to 2.47 percent. In a similar vein, operating revenue increased by 2.32% from Rs 25,368 crore in Q3 reports.
Consolidated net profit for the whole fiscal year 2023–2024 was Rs 20,607 crore, which is a 12.6% increase over the Rs 18,299 crore declared at the close of the fiscal year 2023.
Operating revenue as a whole was Rs 1,00,891 crore, 10% more than Rs 91,373 crore year over year. From Rs 67,176 crore at the end of FY23 to Rs 73,724 crore at the end of FY24, Jio Infocomm's overall costs increased by 9.7%.
The average revenue per user (ARPU) of the telecom is predicted by analysts to stay in the range of Rs 181–184. It was Rs 181.78 in the prior quarter and Rs 178.8 in the same time last year. This was less than Bharti Airtel but more than rival Vodafone Idea.
At the end of the previous year, 470.9 million people were subscribers to India's largest mobile network provider. In an effort to accelerate subscriber development, Jio introduced wireless broadband Jio AirFiber and a 4G phone dubbed Jio Bharat last year.
