Jio records net profit of Rs 4,638 crore in Q3FY23, up 28 pc y-o-y

In Q3FY23, Jio earned a net profit of Rs 4,638 crore, up by 28.29% against a profit of Rs 3,615 crore in the corresponding quarter last year. Quarter-on-quarter, Jio's profitability narrowed marginally upside of 2.65%.

The top line normally includes gross revenues before any deduction of costs or expenses while the bottom line shows the net profit or loss.

In the quarter ended December 31, 2022, Jio’s revenue stood at Rs 22,998 crore as compared to Rs19,347 crore – soaring by 18.87%. In the previous quarter, the telecom had garnered Rs 22,521 crore, which means sequentially the revenue appreciated 2.11% in Q3FY23.

Also, in Q3FY23, Jio's services value stood at Rs 27,055 crore growing from Rs 22,769 crore in Q3FY22 and Rs 26,519 crore.

In Q3FY23, Average Revenue Per User or ARPU grew to Rs 178.2 per subscriber per month, this is a growth of 17.5% from Rs 151.6 in Q3FY22.

In September quarter, the ARPU stood at Rs 177.2 per subscriber per month.

ARPU performed well due to a better subscriber mix, the company said.

The company’s new subscribers grew by 5.3 million Q-o-Q in Q3, taking its customer base to 432.9 million by end of December 31, 2022.

Jio’s data traffic increased by 23.9% YoY to 29 billion GB, whereas voice traffic jumped by 10.4% YoY to 1.27 trillion minutes in Q3FY23.

Jio has extended coverage of its True5G services to 134 cities across 22 States and Union Territories of India.

As of December 31, 2022, Jio's net worth (including retained earnings) rose to Rs 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."

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."