Reliance Jio Q1 net profit rises 12.1% to Rs 4,863 Cr

Reliance Jio, the telecom arm of Reliance Industries, on July 21 reported a 12.1% rise in its consolidated net profit to Rs 4,863 crore for the quarter ended June 2023. The company reported a net profit of Rs 4,322 crore in the same quarter last year.

The revenue from operations of Reliance Jio rose 20.6% to Rs 22,008 crore in the quarter under review. The company’s average revenue per user (ARPU) rose to Rs 178.5 in the quarter, from Rs 167.7 in the same quarter last year.

The growth in the company’s net profit was driven by the increase in its revenue and ARPU. The company’s subscriber base also grew by 1.1% to 440.3 million in the quarter under review.

Reliance Jio’s management said that the company is focused on expanding its reach and offering innovative products and services to its customers. The company is also investing in new technologies, such as 5G, to stay ahead of the competition.

Here are some additional details about the story:

• The net profit of Reliance Jio was in line with the estimates of analysts.
• The revenue of Reliance Jio was higher than the estimates of analysts.
• The ARPU of Reliance Jio was higher than the estimates of analysts.
• The subscriber base of Reliance Jio was in line with the estimates of analysts.

Here are some quotes from Reliance Jio executives:

• “We are pleased with the performance of Reliance Jio in the first quarter of the financial year,” said Mukesh Ambani, chairman of Reliance Industries. “We have continued to grow our subscriber base and ARPU, and we are focused on expanding our reach and offering innovative products and services to our customers.”
• “We are also investing in new technologies, such as 5G, to stay ahead of the competition,” said Ambani. “We are confident that Reliance Jio will continue to grow and thrive in the years to come.”

Overall, the performance of Reliance Jio in the first quarter of the financial year was positive. The company’s net profit and revenue grew, and its ARPU also increased. The company’s subscriber base also grew, and it is investing in new technologies to stay ahead of the competition.