Reliance Jio Infocomm, a subsidiary of Reliance Industries, announced a 28.3% increase in net profit for the last quarter of 2022, compared to the same period the previous year. The net profit for the quarter ended December 31, 2022 was recorded at Rs 4,638 crore, while the previous year's profit for the same quarter was Rs 3,615 crore
Its revenue from operations came in at Rs 22,998 crore, rising 18.9 percent YoY from Rs 19,347 crore in the corresponding quarter last year.
The addition of 7 million net subscribers was anticipated to result in a sequential increase of 3-4% in Jio's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA).
For the quarter ended December 31, 2022, Jio's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was recorded at Rs 12,009 crore, representing a 4.52% quarter-on-quarter (QoQ) increase. Its EBITDA margin was 52.2%, compared to 51% in the previous quarter. The company's EBITDA was lower than the forecasted by brokerages which was Rs 12,635 crore.
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