Jio Platforms Reports Strong Q4 FY2024 Results, Has Over 108M 5G Subs

Jio Platforms, the Reliance Industries owned digital services company, has announced its financial results for the fourth quarter of the 2024 fiscal year, showcasing robust growth in both revenue and subscriber base.

The company reported a 12.5% year-on-year increase in EBIDTA, reaching ₹14,360 crore for the quarter, while its net profit grew by 12.0% year-on-year to ₹5,583 crore. Jio's subscriber growth surpassed its competitors, with the company adding 42.4 million subscribers during FY2024 and 10.9 million during Q4 FY2024 alone.

Despite offering promotional 5G traffic to subscribers at no additional cost, Jio's average revenue per user (ARPU) remained stable at ₹181.7. The company also witnessed a significant increase in data and voice traffic, with total data traffic growing by 35.2% year-on-year to 40.9 billion GB and voice traffic rising by 9.7% year-on-year to 1.44 trillion minutes.

Jio's pan-India True5G network has now exceeded 108 million subscribers, with the 5G network handling approximately 28% of the company's wireless data traffic. The company's JioAirFiber services, offering high-speed broadband, are now available in around 5,900 cities and towns across the country, with plans for further expansion. Notably, JioAirFiber subscribers consume an average of 13 GB of data per day, which is 30% higher than JioFiber subscribers.

To attract new subscribers, Jio launched several enticing offers during the quarter. These include the IPL Dhan Dhana Dhan offer for new JioBharat device users, the Dhan Dhana Dhan 50-day free service offer for mobility users taking new JioAirFiber or JioFiber connections, and 3x speeds for new JioAirFiber plus subscribers for a two-month period. Additionally, the company introduced affordable international roaming and in-flight packs with bundled voice and data for travel across the USA, UAE, and other top 50 countries, in partnership with 22 airlines.

"Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels. Continued acceleration in growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio,” said Akash Ambani, Chairman of Reliance Jio Infocomm.