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Reliance Jio Q3 profit rises by 28% to 4,638 cr: Key highlights

Telecom giant, Reliance Jio posted double-digit growth in both the top-line and bottom-line front during the quarter ending December 31, 2022 (Q3FY23) period. In the third quarter, Jio garnered a net profit of 4,638 crore, rising by 28.29% compared to a profit of 3,615 crore in the same quarter last year. Sequentially, Jio’s profitability witnessed a marginal upside of 2.65%.

Jio posted a net profit of 4,518 crore in September 2022 quarter. During the third quarter of FY23, Jio posted a revenue of 22,998 crore as against 19,347 crore — recording a growth of 18.87%. From revenue of 22,521 crore in September 2022 period, the growth is around 2.11% in Q3FY23.

Also, in Q3FY23, Jio’s value of services stood at 27,055 crore higher than 22,769 crore in Q3FY22 and 26,519 crore.

Jio Platforms’ revenue growth was driven by a steady increase in both the subscriber base and ARPU for the connectivity business.

In Q3FY23, the company’s ARPU climbed to 178.2 per subscriber per month — up by 17.5% from 151.6 in Q3FY23. In September 2022 quarter, the ARPU was at 177.2 per subscriber per month. ARPU performed well due to a better subscriber mix.

Meanwhile, the company added 5.3 million new subscribers sequentially in Q3 — taking its customer base to 432.9 million by end of December 31, 2022. Its data traffic increased by 23.9% YoY to 29 billion GB, while voice traffic soared by 10.4% YoY to 1.27 trillion minutes in Q3FY23.

For the nine months period of FY23, the company’s PAT posted a growth of 26.75% to 13,491 crore as against 10,643 crore in 9M of FY22. Revenue from operations jumped by 20.18% to 67,392 crore in 9MFY23 compared to 56,076 crore in the corresponding period of the previous fiscal.

As of December 31, 2022, Jio’s net worth (including retained earnings) rose to 2,11,281 crore.

Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries said, “Jio delivered record revenues and EBITDA driven by strong momentum in customer growth and data consumption. This quarter we launched True 5G services. It is now available in 134 cities and towns in India, enhancing customer experience while enabling next-generation services. It is heartening that customers recognise the great value and world-class connectivity that Jio offers on its 4G and 5G networks.”

Jio has extended coverage of its True5G services to 134 cities across 22 States and Union Territories of India. Jio users across these cities are now being invited to avail of the Jio Welcome Offer and experience Unlimited Data at up to 1 Gbps+ speeds, at no additional cost.

Giving an outlook, Akash M Ambani, Chairman, of Reliance Jio Infocomm said, “Jio is undertaking the most ambitious and fastest ever 5G rollout plan for any country of our size. Within three months of launch, Jio True5G is now available across 134 cities and would be available across India by December 2023.

In addition to this, Akash also said, “Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences. We will also empower small merchants and businesses with cutting-edge, plug-and-play solutions delivered from the cloud.”

Notably, Jio True5G will equip people across India with infinite growth opportunities in the areas of tourism, manufacturing, SMEs, e-governance, education, healthcare, agriculture, automation, artificial intelligence, gaming, and IT.