Reliance Jio's Q4FY23 Profit Rises 13% Yoy To ₹4,716 Crore

The telecom arm of Reliance Industries Limited, clocked revenues of ₹23,499 crore in the same period, which was up 12.2% versus ₹20,945 crore and up 1.9% sequentially from ₹23,061 crore, it said in a note to the exchanges on Friday.

Jio’s fourth quarter numbers were better than analyst expectations. Jeffries expected Jio's revenue to be sequentially flat or up 10% on-year.

For the financial year ended March 2023, Reliance Jio's net profit rose 22.87% to ₹24,429 crore from ₹19,865 crore from a year-ago, on the back of revenue which rose to ₹91,148 crore, up 18.06% from ₹77,204 crore in March 2022.

The carrier has been aggressively rolling out 5G network across the country and recently created coverage for more than 277 cities across the country with deployment of more than 40,000 sites and almost 2.5 lakh cells of 5G network in 700 Mhz and 3500Mhz bands. The Mukesh Ambani promoted telco launched the beta version of its services which are available for users who are invited onto the network, unlike Airtel which said it had crossed 10 million 5G customers within four months of launching 5G services.