Naveen Kulkarni of Axis Securities PMS says Jio's earnings look good overall, with a slight beat in the O2C business and strong subscriber additions. However, the ARPU number was slightly lower than expected, indicating a need for tariff hikes to improve average revenue per user. The timing of such hikes remains uncertain. In terms of stock expectations, there is a significant upgrade in Jio's earnings, but it is difficult to determine the impact on the market in the short term.