Reliance Jio Infocomm, the telecom arm of Reliance Industries, on Friday released its fourth quarter earnings report, which came in line with Street expectations on both the top and bottom line. The net profit of Jio, the country’s largest telecom player by revenue and subscriber base, rose 13% year-on-year (YoY) to ₹4,716 crore for the fourth quarter ended March 31, 2023 as compared to ₹4,173 crore in the same period last year. On the quarter-on-quarter (QoQ ) basis, the profit grew 1.6% from ₹4,638 crore in Q3 FY23.

The revenue from operations grew 12% YoY to ₹23,394 crore in Q4 FY23, as against ₹20,901 crore in the corresponding period last year. On the sequential basis, the revenue rose 1.7% from ₹22,998 crore in the third quarter of financial year 2022-23.

On the operational front, Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at ₹12,210 crore in Q4FY23, up 15.7% as compared to ₹10,554 crore in the year-ago period. On QoQ, EBITDA was 1.7% higher as compared to ₹12,009 crore recorded in the third quarter.

The EBITDA margin stayed flat at 52% as compares to the December quarter of 2022. The margin was 50.5% in Q4FY22.  

For the full financial year 2023, the profit stood at ₹18,207 crore, up 22.9% from ₹14,817 crore as compared to the previous fiscal. Total revenue surged 18% to ₹91,148 crore in FY23 versus ₹77,204 crore in FY22.

On 5G operations, the company says it is setting up 5G network and continues augmenting its existing wireless and wireline network capacity.

As of March 31, 2023, the company has total outstanding unsecured redeemable non-convertible debentures (NCDs) of ₹5,000 crore. The asset cover exceeds 100% of the principal and interest amount on the said NCDs, it said.

Ahead of Q4 results, shares of RIL closed 0.14% higher at ₹2,348.90 apiece on the Bombay Stock Exchange.  

(This is a developing story and will be updated shortly).

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