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Despite marginal ARPU increases, Reliance Jio’s Q4 net profit increased 1.7% sequentially to $4,716 crore

Reliance Jio

According to Reliance Jio on Friday, its March-quarter net profit increased 1.7% sequentially to 4,716 crore from 4,638 crore in the December quarter. On an annual basis, its profit grew by 13%.

On a yearly basis, revenue increased 12% to 23,394 crore, up from 22,998 crore in the previous quarter. On a sequential basis, revenue increased 1.7% to 23,394 crore.

Jio’s net profit for FY23 was 18,207 crore, up from 14,817 crore in FY22.

Increasing tariffs, ramping up wireline services, and continued subscriber additions for mobility services are all contributing to the company’s annual revenue growth.

During the third quarter of FY23, Reliance Jio’s depreciation and amortisation expenses increased to $4,982 crore from $4,810 crore in the previous quarter due to increased network usage and incremental gross block additions.

During the March quarter, average revenue per user (ARPU) increased marginally to 178.8 from 178.2 in the previous quarter and nearly 7% compared to the previous year.

Analysts had expected ARPU to be between 179 and 181.

Among select customer cohorts, ARPU increased due to a tariff hike, better subscriber mix, and data add-ons.

Compared to the previous December quarter, Reliance Jio added 6.4 million net subscribers in Q4 compared to 5.3 million in Q3.

As of March 31, 2022, the company had 439.3 million customers.

According to a filing on the exchange, Jio added 29.2 million net subscribers for FY23 while monthly churn remained stable at 2%.

By December 2023, Jio will roll out 5G services across the country

According to the company, Reliance Jio is on track to complete the pan-India rollout by December 2023.

In India, Jio’s True5G services are now available in over 2,300 cities and towns.

Jio has pioneered 5G rollout across the country with unparalleled speed and efficiency. According to Akash M Ambani, Chairman of Reliance Jio Infocomm, 5G has improved customer experience significantly, resulting in higher levels of engagement among Jio users.

Shares of Reliance Industries closed 0.21% higher at $2,351 before its earnings announcement.

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