Reliance Jio Q4: Net profit grows 1.7% QoQ to Rs 4,720 crore

Reliance Jio, the digital arm of Reliance Industries (RIL), on April 21 reported a 1.7 per cent QoQ increase in its net profit at Rs 4,716 crore for the quarter ended March 2023 (Q4FY23). The company had posted a profit of Rs 4,638 crore in the previous quarter. The revenue of the company grew 1.7 per cent QoQ to Rs 23,394 crore. EBITDA for the quarter also rose 1.7 per cent QoQ to Rs 12, 210 crore while the margin increased to 52.19 per cent against 52.21 per cent in the previous quarter.

Shares of RIL ended flat with a positive bias at Rs 2,348.90 in today's session.

Reliance Jio has made investments in excess of $50 billion since its inception with an aim to create the largest and most advanced digital and connectivity ecosystem in India, with a rich bouquet of successful apps and platforms. "Jio’s services span across connectivity and cloud, media, digital commerce, financial services, gaming, education, healthcare, agriculture, Government to Citizen (G2C), smart cities and manufacturing," the company claims on its website.

Last month, Reliance Jio announced the launch of its True 5G services in 41 additional cities across 16 states and union territories. "Jio is tirelessly working towards India’s digital transformation and is the first telecom operator to extend futuristic and pioneering True 5G services in most of these cities," the company had said in its press release issued on March 21.

"We want every Indian to enjoy the transformational benefits of Jio True 5G technology in 2023. We continue to remain grateful to the State Governments and Administrators for their support to digitize their regions," said a Jio spokesperson.

"Healthy growth in Revenue from operations was led by the full impact of the tariff hike, ramp-up of wireline services and continued subscriber addition for mobility services," Jio Platforms (JPL) said in its earning report.

The annual revenue from operations increased by about 20 per cent to Rs 1,15,099 crore in the last fiscal compared to Rs 95,804 crore in 2021-22.

The customer base of the company grew 7.1 per cent to 43.93 crore at the end of 2022-23 from 41 crore in 2021-22. The data consumption in JPL networks rose 23.2 per cent to 30.3 billion gigabytes from 24.6 billion in the March 2022 quarter.

"Jio continues to digitally empower millions of citizens across the nation, extending True 5G reach to over 2,300 cities and towns in a short span of 6 months. With steady growth in mobility and FTTH subscriber base and an expanding bouquet of content and digital services, the Jio business continues to deliver impressive growth in operating profits," the report said.
 

(With inputs from PTI)

Also Read: Reliance Q4 results HIGHLIGHTS: Revenue down 2%, net profit at Rs 19,299 crore