Reliance Jio Infocomm Limited has released its unaudited standalone financial results for the quarter and nine months ended December 31, 2022. The company reported a net profit of 46.38 billion, a year-on-year (YoY) increase of 28 per cent. Its revenue from operations rose nearly 19 per cent to Rs 229.98 billion compared with Rs 193.47 billion in the same quarter last year.

The operator had 432.9 million users as of December 31, 2022, almost 3 per cent higher than a year ago. As per the company, average revenue per user (ARPU) increased sequentially to Rs 178.2 due to better subscriber mix. Sustained subscriber additions and higher ARPU drove revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) growth for the connectivity business. In addition, higher realisations from digital services drive consolidated revenue growth. EBITDA margin increased by 170 bps due to increased ARPU and benefit from lower spectrum usage charges.

Commenting on the results, Akash M Ambani, chairman, Reliance Jio Infocomm Limited, said, “Jio is undertaking the most ambitious and fastest ever 5G rollout plan for any country of our size. Within three months of launch, Jio True5G is now available across 134 cities and would be available across India by December 2023. In addition, Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences. We will also empower small merchants and businesses with cutting-edge, plug-and-play solutions delivered from the cloud.”