Jio Platforms Q3 net profit up 9% on year to Rs 3,795 crore; telecom user base falls again

Jio Platforms (JPL) net profit rose nearly 9% year-on-year in the October-December quarter, driven by higher data and voice consumption and growing average revenue per user (ARPU).

But the company lost mobile phone subscribers for the second time like the previous quarter.

For the fiscal third quarter, JPL’s consolidated net profit stood at Rs3,795 crore compared with Rs 3,728 crore at September end, the company said in a release on Friday.

“Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, parent of Jio Platforms.

JPL’s quarterly gross revenue rose to Rs24,176 crore crore, up 13.8% on year.
JPL, established in October 2019 as a wholly owned unit of Reliance, houses the Mukesh Ambani-owned group’s telecom business Reliance Jio Infocomm, the largest in the country, and other digital properties and investments. Reliance Jio though makes up the bulk of JPL’s numbers.

Reliance Jio's net profit for the December ended quarter stood at Rs3,617 crore compared with Rs3,524 in the previous quarter and Rs3,288 crore a year ago.

Revenue from operations of the telecom business came in at Rs19.347 crore compared with Rs18,375 crore in the fiscal second quarter and Rs18,492 crore.

Average revenue per user (ARPU), a key performance parameter, for the telecom business, grew sequentially to Rs151.6 from Rs 143.6 in the previous quarter, the company said .