Reliance Industries’ telecom arm Reliance Jio and retail arm Reliance Retail each posted healthy double-digit growth in revenues on-year for the quarter ended December 22, as more consumers used their services. Akash Ambani-led Jio increased its revenue by 18.87% on-year to Rs 22,998 crore in Q3FY23, driven by the steady increase in both the subscriber base and ARPU for the connectivity business. India’s biggest telecom provider by subscribers – JIO’s net subscriber addition was 5.3 million, and gross addition was 34.2 million in 3Q FY23. The company now aims to connect over 100 million premises with JioFiber and JioAirFiber and provide plug-and-play solutions delivered from the cloud in the next few years.
Isha Ambani-led Reliance Retail Ventures Ltd also saw robust growth across all baskets and channels. The company clocked a 17% on-year jump in revenue from operations at Rs 67,634 crore in the quarter ended December 2022. Consumer electronics, fashion & lifestyle, grocery and pharma all segments showed double-digit growth. JioMart continued its growth momentum with a robust uptick in non-grocery category contribution. JioMart’s popularity across all town classes also supported the growth, it said. The company is focused on expanding its stores and deepening ties with both vendor partners and customers.
Reliance Jio Q3FY23 financial results
Reliance Jio posted a net profit of Rs 4,638 crore, rising by 28.29% compared to a profit of Rs 3,615 crore in the same quarter last year. The company’s profit after tax (PAT) rose 26.75% to Rs 13,491 crore in the nine months period of FY23 as against Rs 10,643 crore in the 9 months of FY22. Revenue from operations jumped by 20.18% to Rs 67,392 crore in 9MFY23 compared to Rs 56,076 crore in the corresponding period of the previous fiscal. Total expenses rose to Rs 16,839 crore in Q3FY23 from Rs 14,655 crore in Q3 FY22. EBITDA came in at Rs 12,009 crore, up 4.52% on-quarter while EBITDA margin was at 52.2% against 51% in the previous quarter.
Akash Ambani eyes over 100 million JioFiber and JioAirFiber connections
“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,” said Akash M Ambani, Chairman, Reliance Jio Infocomm Limited.
Reliance Retail Ventures Ltd Q3FY23 results
Reliance Retail’s consolidated revenue stood at Rs 57,717 crore in the same period last year. Net profit for the quarter rose 6.2% on-year to Rs 2,400 crore. The company said it recorded its highest-ever footfalls at 201 million across formats and geographies. EBITDA rose 8.72% to Rs 16,429 crore in Q3FY23 as compared to Rs 15,110 crore in the same period the previous year. The business expanded its physical store network with 789 new store openings totalling an area of 6 Million sq. ft. The business continued to invest in bolstering its infrastructure capabilities by expanding over 2.2 Million Sq. ft. of warehouse space.
Isha Ambani to focus on deepening bond with customers and vendor partners
“Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners,” said Isha M Ambani, Executive Director, Reliance Retail Ventures Limited.
Mukesh Ambani led Reliance Industries Ltd (RIL) net profit falls 15%
Reliance Industries Ltd (RIL) consolidated net profit fell 15% on-year to Rs 15,792 crore for the quarter ended 31 December 2022 (Q3FY23) compared to Rs 18,549 crore, mainly due to an exceptional gain in the year-ago period. Revenue from operations rose 15% to Rs 2.20 lakh crore in the October-December quarter as compared to Rs 1.91 lakh crore in the same period the previous year. While outstanding debt as on 31 December 2022 was Rs 303,530 crore, whereas cash and cash equivalents as on 31 December 2022 were Rs 193,282 crore.