Reliance Jio, the telecom subsidiary of Reliance Industries, clocked a net profit of Rs 4,638 crore for the quarter ended on December 31, 2022 (Q3), up 28.3 per cent from the year-ago period. The company logged a net profit of Rs 3,615 crore in the same quarter last year.
Jio’s revenue from operations stood at Rs 22,998 crore, increasing 18.9 per cent compared to Rs 19,347 crore in the corresponding quarter last year.
It was anticipated that a significant net subscriber gain of 70 lakh would increase Jio’s EBITDA by 3–4 per cent. The company’s EBITDA came in at Rs 12,009 crore while the EBITDA margin was at 52.2 per cent.
Earlier this, Reliance Jio announced the launch of its True 5G services across 16 cities namely Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio has become the first and the only operator to launch 5G services in the majority of these cities.
Reliance Jio Infocomm, a subsidiary of Jio Platforms Limited, has built a world-class all-IP data-strong future-proof network with 4G LTE technology. The network is 5G ready with no legacy infrastructure and an indigenous 5G stack. It is the only network conceived as a Mobile Video Network from the ground up. It is future-ready and can be easily upgraded to support even more data, as technologies advance to 6G and beyond.
On the other hand, Reliance Industrial Infrastructure Ltd (RIIL), an entity of Reliance Industries, on Friday logged a net profit of Rs 2.36 crore for the quarter ended December 2022 (Q3FY23). It had posted a net profit of Rs 2.33 crore in the year-ago period.
The total income during the quarter stood at Rs 20.60 crore against Rs 20.40 crore registered in the year-ago period. RIIL said its income from hiring construction machinery increased to Rs 4.1 crore from Rs 3.4 crore in the year-ago period.
Income from “other support services” increased to Rs 4.8 crore from Rs 4.4 crore and that from “product transportation service” dropped to Rs 8.2 crore from Rs 8.4 crore, it added.