Reliance Jio Q4 profit rises 13% to ₹5,337 cr
The telecom operator's revenue from operations rose 11% year-on-year to ₹25,959 crore in the fourth quarter.
The telecom operator's revenue from operations rose 11% year-on-year to ₹25,959 crore in the fourth quarter.
Q3 revenue grows 5.9% to ₹37,900 cr, partially impacted by the devaluation of African currencies, says Bharti Airtel
RIL shares declined as much as 3.05% to hit a two-month low of ₹2,361.60 on the BSE, while the market capitalisation dipped to ₹16.21 lakh crore.
Following the company’s double-digit increase in profit in the March quarter, brokerage firms have given a 'buy' rating for the company.
On the sequential basis, Jio’s profit grew by 1.6% in the March quarter, while revenue rose 1.7%.
The development comes on the heels of the telecom major’s plans for a countrywide rollout of 5G by the end of 2023, with an investment of ₹2 lakh crore.
Invited 'Jio Welcome Offer' users will be automatically upgraded to the Jio True 5G service without needing to change their existing Jio SIM or 5G handset.
Reliance Jio commanded the largest wireless subscriber base at 40,87,87,442 users as of May 31, 2022, followed by Bharti Airtel at 36,21,75,161 subscribers.
The list of pre-qualified bidders for the upcoming 5G spectrum auction, shared by the Department of Telecommunications includes Reliance Jio, Bharti Airtel, Vodafone Idea and Adani Data Networks.
Reliance Industries invested ₹99,472 crore and ₹79,667 crore in FY22 and FY21, respectively, for expanding telecom and retail businesses, besides acquisitions.