Jio Platforms reports 26% growth in net profit in Q3 due to tariff hike and subscriber growth

Jio Platforms Ltd (JPL), which owns Reliance Industries’ telecom and digital properties, reported a 25.95% year-on-year rise in net profit in the fiscal third quarter on the back of July 2024 tariff hike, subscriber growth and strong data. Consumption growth.

The rate hike helped Jio’s average revenue per quarter (ARPU) rise 4.2% to Rs. 203.3 helped. But the full beneficial impact of the price hike will be delayed, and is likely to come till Q4FY25 and Q1FY26, as Jio has a higher number of subscribers on long validity plans compared to Bharti Airtel or Vodafone Idea.

JPL’s consolidated net profit in the December quarter rose to Rs. 6861 crore which was Rs. 5447 crore and in the previous three months Rs. 6539 crore, he said in a statement on Thursday.

“The strong growth in the Digital Services business was driven by continued subscriber additions and continued improvement in customer engagement metrics. This was well supported by a favorable subscriber mix, with an increasing number of users upgrading to 5G networks. Jio’s attractive offering of home broadband services also continued to gain ground rapidly and maintained its pre-eminent market position,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.