Reliance Jio reported a net profit of ₹ 4,335 crore in the first quarter of FY23 | Techno Glob

NEW DELHI: Reliance Jio Infocomm Ltd, India’s largest telecom service provider, said its fiscal first-quarter revenue rose 24%, but it stressed readiness for a local 5G stack to be rolled out in nine cities, including Mumbai and Delhi. auctions.

net income increased to soms 4,335 million for the quarter ended June 30 3,501 million in the previous year. Revenue increased by 22% 21,873 million in the June quarter 17,994 crore, the telecom arm of Reliance Industries Ltd (RIL) reported to the bourses on Friday.

Average revenue per user (Arpu), an indicator of the profitability of telecommunications service providers, has increased to 175.7 per month during the quarter, up 27.3% from a year ago and up 4.7% from the previous March quarter, “due to higher customer engagement.” Arpu for the last quarter And 167.6 per month 138 per month at the beginning of the year-June quarter.

Earnings missed analysts’ estimates. However, according to the company, Arpu was higher than market expectations, driven by the residual impact of tariff hikes and FTTH investment. Smaller rivals Bharti Airtel and Vodafone Idea are yet to release their quarterly financial numbers.

“Customer engagement on our digital services platform remains high. Jio is working to expand data access for all Indians and I am happy to see positive trends in mobility and FTTH subscriber additions,” said Mukesh Ambani, Chairman and Managing Director, RIL.

According to data released by the Telecom Regulatory Authority of India, Jio has over 80% market share of new customers in the wired segment, with 7 million connected homes and premises.

The local 5G stack will be deployed on Jio’s network and rolled out to markets outside India, Jio Platforms Director Kiran Thomas said. To begin with, it will be launched in Delhi, Mumbai, Kolkata, Bangalore, Chennai, Lucknow, Jamnagar, Ahmedabad and Hyderabad.

“It’s a total 360-degree 5G solution that we’ve been able to build on Jio’s platforms, and of course it’s going to scale across Jio’s network, and because of this success, it’s going to create a new revenue line because we’re going to be able to take that to other markets outside of India,” he said. The Department of Telecommunications has seen use cases tested on its network and the government has approved deployment here. scale, Thomas said.

Earnings before interest, taxes, depreciation and amortization rose 28% 11,046 crore for the quarter ended June, driven by strong revenue growth and improved margins.

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