In the third quarter of FY24, Jio Platforms Ltd (JPL) exhibited notable financial strength, reporting an 11.6% YoY increase in net profit, totaling ₹5,445 crore. This accomplishment is situated within a broader narrative of sustained growth for Jio Platforms, marking the fifth consecutive quarter of positive performance following a temporary decline in subscribers.

Reasons for Growth: Subscriber Surge and Strategic Initiatives

The impressive growth can be attributed to the company’s strategic focus on expanding its subscriber base, particularly in mobility and wireline services. JPL’s commitment to improving the average revenue per user (ARPU) and the successful execution of its digital services platform also played pivotal roles. Notably, the introduction of Jio’s True 5G network has contributed significantly, with approximately 90 million subscribers already on the 5G network, showcasing the company’s forward-looking approach.

Company Strategy: Diverse Initiatives and Financial Milestones

Jio Platforms’ strategy revolves around diversification, evident in the robust performance of its various digital businesses. The company’s consolidated figures for Q3FY24 highlight a record Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of ₹13,955 crore, reflecting an 11.5% YoY increase. While no tariff hikes were announced during the quarter, JPL’s focus on subscriber mix improvement and leveraging its 5G network capabilities showcases a well-rounded approach to sustainable growth.

About Jio Platforms Limited

Jio Platforms Ltd is a technology and telecommunications company, a subsidiary of Reliance Industries Limited. Jio Platforms is primarily known for operating Reliance Jio, India’s largest mobile network operator. The company provides a range of digital services, including mobile telephony, broadband internet, and various digital applications. Jio Platforms has played a significant role in transforming the Indian telecommunications landscape by offering affordable data plans and introducing new technologies. Additionally, Jio Platforms has diversified its business with investments and partnerships in areas such as e-commerce, digital services, and technology solutions.

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Jio Platforms Q3 net profit rises 11.6% on strong subscriber growth