Solid Q3 growth for Jio

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₹5,208 crore, was also up 3% sequentially from Q2FY24; and revenues, at ₹25,368 crore, were up 2.5% over the previous quarter. Brokerages such as BofA, ICICI Securities and JM Financial had estimated revenue increase to be around 2.3-3% sequentially and about 10% on-year, while net profit was estimated to grow around 2.7-3.8% and 12%, respectively. The telecom carrier’s average revenue per user (APRU) remained flat at ₹181.7 sequentially, missing estimates of a rise to ₹183.

However, it beat estimates on subscriber additions, with 11.2 million net additions for the quarter, taking India’s largest telco’s subscriber base to 470.9 million. Comparatively, Bharti Airtel had a subscriber base of 375 million as of September 2023 (December numbers have not been declared yet). “Jio has accomplished the fastest rollout of 5G technology witnessed anywhere in the world and is now available across India," Akash M.

Ambani, chairman of Reliance Jio Infocomm said in a statement. Wireless 5G broadband service JioAirFiber saw good demand, especially in Tier III and IV towns and rural areas. Mukesh Ambani, chairman and managing director, Reliance Industries (Jio’s parent company), said a strong uptake in the JioBharat phone and JioAirFiber has helped increase the subscriber base, “contributing to the stellar growth numbers of the digital services business".

“The fact that we are currently offering 5G services on a trial basis impacted the ARPU because people don’t have to recharge for additional data usage at this point in time," said Anshuman Thakur, senior vice president at Jio Platforms Ltd. Further in Q3, Ebitda rose 11.5% to ₹13,955 crore from ₹12,519 crore in Q3 of FY23. And the operating margin decreased slightly to 26.3% from