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During the quarter ended December 31, 2022 (Q3FY23), telecom giant Reliance Jio reported double-digit growth on both the top and bottom lines. Jio earned a net profit of ₹4,638 crore in the third quarter, up 28.29% from ₹3,615 crore in the same quarter last year. Jio’s profits increased a little, by 2.65 percent, sequentially.
In the September 2022 quarter, Jio reported a net profit of ₹4,518 crore.
During the third quarter of FY23, Jio reported revenue of ₹22,998 crore as opposed to ₹19,347 crore, representing an 18.87% increase. From a revenue of ₹22,521 crore in September 2022, the growth in Q3 FY23 is roughly 2.11%.
Furthermore, Jio’s value of services in Q3FY23 was ₹27,055 crore, up from ₹22,769 crore in Q3FY22 and 26,519 crore in Q3FY22.
Jio Platforms’ revenue growth has been fueled by a consistent increase in both subscriber base and ARPU in the connectivity sector.
In Q3FY23, the company’s ARPU increased by 17.5% to ₹178.2 per subscriber per month, up from ₹151.6 in Q3FY23. The ARPU was ₹177.2 per subscriber per month in the September 2022 quarter. Because of an improved subscriber mix, ARPU performed well.
Meanwhile, the business attracted 5.3 million new customers sequentially in the third quarter, bringing its total customer base to 432.9 million by December 31, 2022. In Q3 FY23, data traffic climbed by 23.9% year on year to 29 billion GB, while voice traffic increased by 10.4% year on year to 1.27 trillion minutes.
The company’s PAT increased by 26.75% to ₹13,491 crore in the first nine months of FY23, compared to ₹10,643 crore at the same time last year. Revenue from operations increased by 20.18% to ₹67,392 crore in 9MFY23, compared to ₹56,076 crore in the previous fiscal period.
Jio’s net worth (including retained earnings) increased to ₹2,11,281 crore as of December 31, 2022.
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 the 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 expanded its True5G service coverage to 134 cities across 22 Indian states and union territories. Jio consumers in these cities are now being asked to take advantage of the Jio Welcome Offer, which includes unlimited data at speeds of up to 1 Gbps+ at no extra cost.
“Jio is executing the most ambitious and fastest ever 5G deployment plan for any nation of our size,” stated Akash M. Ambani, Chairman of Reliance Jio Infocomm. Jio True5G is presently accessible in 134 locations, three months after its introduction, and will be available throughout India by December 2023.
In addition to this, Akash also claimed, “Jio will link over 100 million premises with JioFiber and JioAirFiber, giving unprecedented digital experiences.” “We will also provide cutting-edge, plug-and-play cloud solutions to small merchants and businesses.”
Notably, Jio True5G would provide people across India with limitless prospects for growth in tourism, manufacturing, SMEs, e-governance, education, healthcare, agriculture, automation, artificial intelligence, gaming, and information technology.
