Reliance Jio Infocomm, the telecom division of Reliance Industries, on Friday logged a 12 per cent year-on-year (YoY) rise in standalone net profit to Rs 5,058 crore for the September 2023 quarter (Q2). The telco’s net profit was Rs 4,518 crore in the year-ago period. According to regulatory filing, Jio’s revenue from operations jumped 9.8 per cent to Rs 24,750 crore.
Jio said revenue from operations climbed 9.9 per cent to Rs 2,475 crore, on the other hand, telco’s expenses also rose 9 per cent to Rs 18,063 crore. The company’s operating margin has improved 10 basis points YoY to 26.4 per cent. Its profit margin rose 40 basis points to 17.40 per cent. According to Reuters, Reliance Jio dialed its slowest profit growth in seven quarters on higher expenses and a lack of recent tariff hikes.
Jio did not announce any tariff hikes in the quarter. The telco is looking to further boost user growth with the recent launch of a 4G budget-friendly phone and wireless broadband Jio AirFiber.
Meanwhile, Reliance Jio Infocomm Chairman Akash Ambani said on Friday said Jio has launched the fastest roll-out of 5G technology witnessed anywhere in the world and is deploying a 5G cell every 10 seconds.
Ambani, who was speaking at the inauguration of the India Mobile Congress in New Delhi, said the telco has installed over 10 lakh 5G cells across all 22 circles of India. “I am humbled to share that Jio alone has contributed to 85 per cent of the overall 5G capacity in the country… and provided one of the fastest 5G internet speeds in the world,” he said.
Jio’s 5G roll-out is powered by a 100 per cent in-house 5G stack, designed, developed and manufactured entirely by Indian talent.
Ambani promised that power of technology will be used to “build a digital statue of unity” and added this too will be the tallest in aspiration and achievement. “Through the power of technology and connectivity, we will unite and inspire 1.4 billion Indians with the single dream of making our beloved motherland Bharat the most prosperous, the most technologically advanced, the most inclusive…,” he added.