Reliance Jio adds 11.2 million subscribers, the most in 10 quarters

The telco's revenue rose to ₹25,368 crore for the third quarter of the financial year, as compared to ₹24,750 crore in the preceding quarter. The revenue is largely in line with the poll estimate of ₹25,360 crore.

Jio’s earnings before interest, taxes, depreciation, and amortisation (EBITDA), a measure of profitability, rose to ₹13,277 crore in the last three months of 2023, from ₹12,953 crore a year earlier. The EBITDA is a little lower than the poll forecast of ₹ 13,450 crore.

The EBITDA margin, meanwhile, was flat at 52.3%.

Reliance Jio's net customer addition exceeds the CNBC-TV18 poll expectation of 10 million, and the total customer base now stands at 470.9 million.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, “Jio has completed in India the fastest rollout of True 5G. services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity…The strong uptake of the JioBharat phone and JioAirFiber services has resulted in continued expansion of Jio’s subscriber base.”

The average revenue per user (ARPU) increased to ₹181.7, 2% more than the same quarter last year but unchanged compared to the immediately preceding three months.

This comes with a better subscriber mix partially offset by unlimited data allowance on 5G network, Reliance said in its statement on Q3 results.

Market expert Prakash Diwan, explains that Jio numbers show that close to 15% plus of the overall revenue is coming from 5G which has yet not been priced as per market. "So there's enough room for a ARPU hike, price hike which could lead to some improvement in ARPUs, which has not yet happened. It could probably be in the second half, but then that's more driven by competitive pressures.”