Jio Platforms reports 13.7% rise in quarterly net profit after debut listing

Jio Platforms, the telecom and digital subsidiary of Reliance, announced a 13.7% jump in quarterly net profit for the period ending September, marking its first earnings release since the company’s high-profile stock market debut earlier this week. Consolidated net profit rose to 83.89 billion rupees ($883 million) from 73.79 billion rupees a year earlier, while revenue from operations increased 11.4% to 404.75 billion rupees.

Core earnings grew 16.6% year-over-year, driven by higher revenue, operating leverage and a 250-basis-point expansion in margins. Average revenue per user climbed to 218.80 rupees as Jio introduced promotional offers for fixed broadband customers and improved its subscriber mix amid rising usage.

The company added 9.1 million subscribers on a net basis during the quarter, with monthly churn holding steady at 1.6%. Managing Director Akash Ambani said the firm will continue investing in next-generation technologies, including satellite communications, 6G intellectual property and artificial-intelligence integration for voice and data services.

Reliance, which has recently been mentioned in comments by Elon Musk regarding Starlink’s planned entry into India, stated it welcomes competition from the satellite-internet provider and noted that its own satellite services are awaiting regulatory clearance.