Reliance Jio Reports 24% Rise In Q1 Profits

The telecommunications arm of Mukesh Ambani-led conglomerate Reliance Industries Limited (RIL), Reliance Jio, has reported a 24 percent rise in quarterly net profit, as it added more subscribers.

The company's net profit for Quarter 1 of this year came in at INR 4335 crores ($542.57 million), compared with INR 3501 billion in the same period a year ago, Jio said in a regulatory filing.

For the full year of Financial Year (FY) 2022, Reliance Jio's standalone Profit-After-Tax (PAT) jumped to INR 14,817 crore against INR 12,015 crore in FY21. Revenue advanced to INR 76,977 crore as of March 31, 2022, compared to INR 69,888 crore as of March 31, 2021.

“I am also happy with the progress of our consumer platforms. Customer engagement on our digital services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and Fiber to the home (FTTH) subscriber additions,” RIL CMD Mukesh Ambani said.