The telecom subsidiary of Reliance Industries Ltd., Reliance Jio, announced on Friday that its net profit for the quarter that ended on December 31, 2023, was Rs 5,208 crore, a 3% sequential rise.
It reported net profit of Rs 5,058 crore in the September quarter.
The telecom company’s net profit increased by 12% compared to the previous year to Rs 4,638 crore in Q3FY23. Compared to Q3FY23’s Rs 24,892 crore, its revenue increased by 11% to Rs 27,697 crore in Q3FY24.
Reliance Industries Limited’s chairman and managing director, Mukesh Ambani, stated: “I’m delighted to announce that Jio has completed the quickest rollout of True 5G services in the world in India. With high-speed digital connectivity now available in every city, town, and hamlet across the nation, a new era of unmatched digital accessibility and technology-driven growth is about to begin. Jio’s subscriber base has continued to increase as a result of the robust uptake of the JioBharat phone and JioAirFiber services, which has contributed to the remarkable growth rates of the digital services industry.”
The operating margin for the quarter dropped from 26.4% in the prior quarter and 26.6% in the prior year to 26.3%.
The telecom operator’s total expenses increased by 10% year over year from ₹16,839 crore in the same quarter the previous year, and 2.5% sequentially to ₹18,518 crore from ₹18,063 crore in Q2FY24. The costs of spectrum and licencing went by 1.7% from ₹2,290 crore in the previous quarter and by 10% from ₹2,120 crore in the prior year to ₹2,330 crore.
The debt-to-equity ratio increased from 0.17 times in the same quarter last year to 0.19 times as of the end of December.
Reliance Jio’s profits before interest, taxes, depreciation, and amortization (EBITDA) increased 11.5% to ₹13,955 crore from ₹12,519 crore in the same period of the previous fiscal year.