Jio Platforms continued a years-long streak of quarterly profit and sales gains in fiscal Q2 2024 (ending 30 September), adding 32 million mobile subscribers and boosting ARPU.
Mukesh Ambani, chair and MD of parent Reliance Industries, noted in its earnings release Jio had deployed more than 1 million 5G sites across India, with coverage of more than 8,000 cities and towns.
He added by December it aims to complete its nationwide rollout of 5G services, setting “a new global benchmark for the fastest rollout of a 5G network across a large nation”.
Jio chair Akash Ambani stated 5G, low-cost 4G handsets and fibre are its three big growth engines, which will “accelerate market share gains and profitability”.
Last week, it introduced a satellite service using medium Earth orbit birds from partner SES, with plans to deliver gigabit-level broadband to remote parts of the country.
Net profit grew 12 per cent year-on-year to INR53 billion ($637 million) and total revenue 10.6 per cent to INR315.4 billion.
Its subscriber base rose 7.5 per cent to 460 million and ARPU 2.5 per cent to INR181.70, attributed to a better subscriber mix across mobility and fixed line which was partially offset by the launch of 5G services.