Reliance Jio Infocomm, a leading telecom operator under Mukesh Ambani's Reliance Industries, has reported positive financial results for the third quarter of fiscal year 2023. The company's standalone net profit witnessed a 3% quarter-on-quarter (QoQ) increase, reaching ₹5,208 crore, compared to ₹5,058 crore in the previous quarter. The revenue from operations also saw a 2.5% QoQ growth, reaching ₹25,368 crore.
ARPU and Subscriber Mix
The Average Revenue Per User (ARPU) for Reliance Jio stood at ₹181.7, reflecting a 1.96% year-on-year (YoY) increase from ₹178.2. The company attributes this growth to a better subscriber mix, partially offset by unlimited data allowance on the 5G network. Despite maintaining stability sequentially, the ARPU displayed positive YoY growth.
Gross Revenue Milestone
Reliance Jio achieved a record high in gross revenue, reaching ₹32,510 crore, marking an impressive 11.4% YoY increase. This substantial growth is attributed to robust subscriber additions across mobility and homes, coupled with improvements in ARPU.
Year-on-Year Performance
Comparing the results with the same quarter in the previous fiscal year, Reliance Jio reported a noteworthy 12.3% increase in standalone net profit, rising from ₹4,638 crore in Q3FY23 to ₹5,208 crore in Q3FY24. The revenue from operations also recorded a 10.3% YoY growth, reaching ₹25,368 crore from ₹22,998 crore.
Operational Metrics
The operating margin for the quarter decreased slightly to 26.3%, compared to 26.6% in the previous year and 26.4% in the previous quarter. Operating revenue, net of GST, continued to be driven by substantial subscriber growth across mobility and homes, along with the benefit of an improved ARPU mix.
Expense Analysis
Total expenses for the quarter rose 2.5% sequentially to ₹18,518 crore from ₹18,063 crore in Q2FY24, marking a 10% YoY increase from ₹16,839 crore in the same period the previous year. Licencing and spectrum costs increased by 10% to ₹2,330 crore YoY.
Financial Health
As of the end of December, the debt-to-equity ratio for Reliance Jio was reported at 0.19 times, slightly up from 0.17 times in the corresponding quarter a year ago.
EBITDA Growth
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Reliance Jio witnessed a substantial YoY growth of 11.5%, reaching ₹13,955 crore from ₹12,519 crore during the corresponding quarter last fiscal.
In summary, Reliance Jio's Q3 results showcase a resilient financial performance with consistent growth in net profit, revenue, and ARPU, underlining its robust position in the highly competitive telecom sector.
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