The March quarter results of Reliance Jio, a unit of Reliance Industries, have also been impressive. The company’s quarterly result figures have been much better than expected. The company has informed that in the fourth quarter of the financial year 2022-23, the net profit of the company stood at Rs 4,716 crore with a jump of 13 per cent. The ET Now poll had estimated that the company’s net profit could be Rs 4,666 crore during the January to March quarter.
Slowest growth in five quarters
The company’s net profit in the fourth quarter of the financial year 2021-22 was Rs 4,173 crore. However, Jio’s revenue growth and profit growth in the March quarter was the slowest in five quarters. The company’s revenue growth and profit growth have been slow due to high expenses and no recent tariff hike.
The income from operations during the January to March quarter 2023 stood at Rs 23,394 crore. This shows 12 percent growth on an annual basis. The company’s revenue has been as per estimates.
License fees and spectrum charges stood at Rs 2,155 crore in the March quarter. It was 14 per cent lower than Rs 2,504 crore in the March quarter last year. However, the company’s total expenditure increased to Rs 17,172 crore during the January to March quarter. It was Rs 15,353 crore in the same quarter a year ago.
Reliance Industries Chairman and Managing Director Mukesh Ambani said, “Jio is digitally empowering crores of people in the country by delivering True 5G Services in more than 2300 cities and towns in a short span of six months.”
Regarding the company’s results, Akash M Ambani, Chairman of Reliance Jio Infocomm Limited, said, “Jio, playing a leading role, has rapidly rolled out 5G across the country. Jio’s 5G services have met the expectations of consumers and this Jio network But it is clearly visible in the activities of the customers. We are constantly striving to strengthen the digital society and meet the needs of the customers with the help of technology, which will not only increase the business, but also give full benefit to the people. Will be able to get
