Friday, January 27, 2023

RelianceQ3 Result: Reliance’s net profit decreased by 15 percent in the third quarter

RelianceQ3 Result: Reliance Industries Limited’s net profit declined by 15 percent to Rs 15,792 crore in the third quarter of the current financial year. The company told the stock market on Friday that the net profit in the October-December quarter of 2022-23 stood at Rs 15,792 crore, compared to Rs 18,549 crore in the corresponding quarter of the previous financial year.

The company’s income increased to Rs 2,20,592 crore in the December quarter, compared to Rs 1,91,271 crore in the same quarter of the previous financial year. Reliance says its EBITDA grew 13.5 percent year-on-year to Rs 38,460 crore ($4.6 billion).

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Reliance Jio has benefited a lot

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Subscribers increased

The company said that Reliance Jio is setting up 5G network and increasing its existing wireless and wireline network capacity. Jio, a subsidiary of Reliance Industries, is mainly engaged in the business of providing digital services. According to the company, its net worth stood at Rs 2,11,281 crore at the end of the December quarter, up from Rs 2,06,644 crore in September and Rs 1,93,616 crore in the year-ago quarter. 

23.9% increase in data traffic

In the third quarter of the financial year 2022-23, the total data traffic of Reliance Jio increased by 23.9% to reach 29.0 billion GB. Total voice traffic also increased by 10.4% to 1.27 trillion minutes. Taking forward the commitment to connect everyone with 5G network, Jio has connected 134 cities across 22 states and union territories of India with its True5G network. The company said the digital commerce and new commerce businesses performed more strongly, registering 38% year-on-year growth and contributing 18% to revenue.

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