Reliance Jio Q4 FY23 Profit Grows 15.6% To INR 4,984 Cr

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Reliance Jio, the telecom arm of Reliance Industries, reported a 15.6% increase in profit to INR 4,984 crore ($666 million) for the fourth quarter of FY23, compared to INR 4,311 crore ($577 million) in the same period last year. The growth was attributed to an increase in the average revenue per user (ARPU) to INR 178.8 ($2.39), up from INR 138.4 ($1.85) in the same quarter last year.

Jio’s revenue for the quarter was INR 20,501 crore ($2.74 billion), up 11.9% from INR 18,315 crore ($2.45 billion) in the same quarter last year. The company’s total customer base grew to 486.9 million as of March 31, 2023, from 444.5 million in the same quarter last year.

Reliance Jio has been aggressively expanding its services in India and has been a driving force in the growth of the Indian telecom market. The company has also been expanding into other areas, such as e-commerce and digital payments, through its subsidiary Jio Platforms.

Reliance Jio Infocomm Ltd, the telecom arm of Reliance Industries, has reported a 15.6% growth in net profit to INR 4,984 crore ($667 million) for the fourth quarter of FY23. The company’s revenue rose 6.2% to INR 24,094 crore ($3.2 billion) during the same period. The earnings were driven by an increase in its subscriber base and average revenue per user (ARPU), which rose to INR 178.8 ($2.4) per month, up from INR 138.2 ($1.8) per month a year ago. Jio’s total subscriber base also rose by 8.1 million to 462.6 million at the end of March 2023. The company’s fiber-to-the-home (FTTH) service, JioFiber, added 0.5 million subscribers during the quarter, taking its total user base to 3.5 million.