Reliance Jio Q2 net profit up 28% YoY, revenue surges 20%

Reliance Jio, the telecom arm of Reliance Industries, has reported an increase in net profit by 28% at ₹4,518 crore for the second quarter ended September 2022, as compared to ₹3,528 in the same period last year. The company’s revenue from operations for the September quarter surged 20.2% to ₹22,521 crore as compared to ₹18,735 crore in the same period last year.

Sequentially, the company’s net profit was up 4.2% against ₹4,335 crore in the April to June quarter this year, and the revenue was up 1.73% as against ₹21,873 crore.

“During the quarter, Company has acquired 25,036 MHz of spectrum in 700 MHz, 800 MHz, 1800 MHz, 3300 MHz and 26 GHz band across the 22 telecom circles for a period of 20 years at a total price of Rs.87,947 Cr in the spectrum auction conducted by Department of Telecommunications (DoT),” the telecom major said in a statement.

Between the April and September this year, the company’s net profit stood at ₹8,853 crore, which is 26% higher as against ₹7,029 crore in the same period last year.

Notably, according to the data released by the telecom regulatory authority of India (TRAI), Reliance Jio added 26.2 lakh wireline subscribers in August, thus grabbing a market share of 28.31% and dethroning BSNL to become the top landline operator in India. Jio’s landline userbase stood at 71.3 lakh, whereas in the wireless users' category, it added 3.2 million subscribers. As of August 31, 2022, Reliance Jio's wireless market share stood at 36.48% vs 36.23% in July.

In July this year, the telecom major acquired 24,740 MHz of 5G spectrum bands worth ₹88,078 crore including the much coveted 700 MHz band that went unsold in the 2016 and 2021 auctions.