MAM
Jio Platforms Ltd reports robust financial performance and strategic advancements
Mumbai: Reliance Industries Limited (RIL) has reported a remarkable financial performance for the year ended 31 March 2024 highlighting Jio Platforms Ltd’s (JPL) financial results. As per reports company reported quarterly revenue of Rs 33,835 crore, marking a significant increase of 13.3 per cent year-over-year (YoY). The quarterly EBITDA reached Rs 14,360 crore, reflecting a 12.5 per cent YoY growth.
JPL demonstrated exceptional subscriber growth, adding 42.4 million net new subscribers during FY24. This growth, coupled with the expansion of 5G and home services, drove data traffic to approximately 148 exabytes for the year, a substantial 31 per cent increase YoY.
As per the report Jio has maintained its leadership in India’s 5G transition, boasting over 108 million 5G subscribers, which represents around 28 per cent of Jio’s wireless data traffic. This achievement positions Jio as having the largest 5G subscriber base for any operator outside China. Additionally, JioAirFiber has seen robust demand across approximately 5,900 towns, leading to the highest-ever quarterly home connects.
In terms of digital services, Jio Platforms has achieved a remarkable 64 per cent increase in standalone quarterly revenue YoY. The annual performance highlights include double-digit revenue growth driven by significant subscriber additions in mobility and an expanded wireline services portfolio. The company’s strong EBITDA growth is attributed to higher revenues and consistent margin improvements. Increased depreciation resulted from higher network utilization and additions to the gross block, while finance costs remained broadly flat due to stable leverage.
For the quarterly performance comparison between 4Q FY24 and 4Q FY23, operating revenue growth continued to be fueled by robust subscriber increases in mobility and home services, along with an improved ARPU mix. EBITDA growth was driven by healthy revenue increases and operating leverage. Depreciation saw an increase due to heightened network utilisation and gross block additions, with finance costs remaining stable.
Operationally, Jio’s average revenue per user (ARPU) stood at Rs 181.7, with a better subscriber mix partially offset by a growing share of promotional 5G traffic. Data and voice traffic experienced increases of 35.2 per cent and 9.7 per cent YoY, respectively.
Jio has successfully rolled out its True5G network across India, with over 108 million subscribers now migrated to the 5G network. The True5G network now carries approximately 28 per cent of Jio’s wireless data traffic, facilitated by Jio’s own 5G+4G combo core. The JioAirFiber services, available in around 5,900 cities and towns, continue to attract strong customer demand due to its unique entertainment-first proposition combined with high-quality broadband connectivity. AirFiber subscribers have an average daily data usage of approximately 13 GB, which is 30 per cent higher than JioFiber users. The network slicing on the Standalone 5G network and Jio’s point-to-multipoint deployment are transforming fixed broadband infrastructure in India.
As per the report, Jio introduced several new offers, including the IPL Dhan Dhana Dhan offer for new JioBharat device users, which provides an additional two months of free service with a recharge of the new two-month plan. Additionally, Jio launched the Dhan Dhana Dhan 50-day free service offer for all mobility users who subscribe to new JioAirFiber or JioFiber connections. New JioAirFiber Plus subscribers also enjoy three times the speed for two months.
The company has also introduced affordable international roaming and in-flight packs, offering bundled voice and data services for seamless travel across top destinations including the USA, UAE, and other top-50 countries. These in-flight packs are available in partnership with 22 airlines.
Reliance Jio Infocomm chairman Akash M Ambani said, “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 the growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio.”
As per the report, Reliance BP Mobility Ltd (RBML), operating under the Jio-bp brand, runs 1,729 retail fuel outlets across the country. The brand recently launched a country-wide campaign titled “You Deserve More,” which showcases pioneering customer value propositions (CVPs). This campaign highlights high-performance HSD and MS, powered by bespoke active technology, available at prevailing market prices across the network.
RBML has expanded its partnerships with international airlines and is benefiting from the rapidly growing Indian aviation sector. In line with its decarbonization efforts, RBML has emphasized the expansion of its EV and CBG/CNG networks. Under the Jio-bp Pulse initiative, RBML has grown its network to over 4,520 live charging points, including 26 of India’s largest charging hubs with over 100 charging points each, located at 330+ unique sites with industry-leading charger uptime.
Brands
FSS names Anand Krishnamurthi head of global digital delivery
Tech veteran to drive AI-first, cloud-led transformation in payments globally
CHENNAI: Financial Software and Systems (FSS), an AI-first payment infrastructure company, has appointed Anand Krishnamurthi as head of global digital delivery.
In his new role, Anand Krishnamurthi will lead FSS’s global digital delivery capabilities, focusing on AI-first and cloud-led transformation while ensuring predictable, high-quality outcomes for customers worldwide. He will be based in Chennai and report to V. Balasubramanian, CEO of FSS.
Bringing 28 years of experience in technology and digital transformation across banking, capital markets, financial services, and insurance, Anand has held senior leadership positions at Cognizant and NuSummit. He is recognised for scaling multi-geography delivery teams, leading mission-critical platforms, and embedding AI-driven automation in complex, regulated environments.
“What drew me to FSS is its deep payments expertise, strong product DNA, and the scale at which its platforms power real-world financial ecosystems,” said Anand Krishnamurthi. “I aim to strengthen delivery predictability, execution rigor, and engineering quality, building empowered teams that deliver measurable customer outcomes. FSS has a unique opportunity to create real-time, AI-infused payments infrastructure that is resilient, secure, and globally scalable.”
V. Balasubramanian added, “Anand’s track record in leading multi-geography delivery programs and AI-first operating models makes him the ideal leader for FSS as we accelerate our AI-driven digital payments business. His leadership will help us raise the bar for outcomes globally.”
This appointment is part of FSS’s broader push to build an AI-powered, cloud-native delivery organisation capable of meeting the evolving needs of banks, fintechs, and financial institutions worldwide.
