Reliance Jio Infocomm, the telecom subsidiary of Reliance Industries (RIL), reported a net profit of Rs 4,638 crore for the quarter ended December 31, 2022, up 28.3 percent from the year-ago period. The company had reported a net profit of Rs 3,615 crore in the same quarter last year.
Its revenue from operations came in at Rs 22,998 crore, rising 18.9 percent YoY from Rs 19,347 crore in the corresponding quarter last year.
The company’s EBITDA came in at Rs 12,009 crore, up 4.52 percent quarter-on-quarter (QoQ) while the EBITDA margin was at 52.2 percent against 51 percent in the previous quarter.
A strong net subscriber addition of 7 million was expected to boost Jio’s EBITDA by 3-4 percent sequentially.
Brokerages had forecast an EBITDA of Rs 12,635 crore for the telecom major.
Operating margin increased by 50 basis points (bps)YoY and 30 basis points QoQ to 26.6 percent. Net profit margin stood at 17.1 percent, up 110 basis points and 10 bps, respectively.
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“Jio is undertaking the most ambitious and fastest ever 5G rollout plan for any country of our size," said Akash M Ambani, Chairman, Reliance Jio Infocomm. "Within three months of launch, Jio True5G is now available across 134 cities and would be available across India by December 2023."
"In addition, 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.”
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Jio Platforms
Jio Platforms, which is the holding company for the telecom and digital services business of RIL, reported 28.6 percent YoY growth in net profits at Rs 4,881 crore. Its revenue from operations was at 24,892 crore, up 20.9 percent YoY - a record. EBITDA increased 25.1 percent YoY to 12,519 crore - also a record.
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Net subscriber addition was 5.3 million as gross adds remained strong at 34.2 million in 3Q FY23, RIL said. ARPU increased 17.5 percent YoY to Rs 178.20 per subscriber per month due to a better subscriber mix. Sequentially, it rose 0.56 percent.
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Sustained subscriber additions and higher ARPU drive revenue and EBITDA growth for the connectivity business, the company said in a release. In addition, higher realisations from digital services drive Jio Platform's consolidated revenue growth.
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