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Wednesday, May 22, 2024

Reliance Jio FYQ4 net profit increases by 3.1%

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In Short:

Reliance Jio’s net profit increased by 3.1% in the fiscal fourth quarter, reaching Rs 5,307 crore. Revenue from operations also rose by 2.3% to Rs 30,541 crore. The company’s finance costs and quarterly access charges decreased compared to the previous quarter. Reliance Industries’ shares rose by 0.65% on the BSE after the results were announced. Analyst estimates were in line with Jio’s performance.

Reliance Jio Reports 3.1% Growth in Net Profit for Fiscal Fourth Quarter

New Delhi: Reliance Jio Infocomm, the telecom unit of Jio Platforms Limited (JPL), reported a 3.1% on-quarter growth in net profit for the fiscal fourth quarter.

Net profit was at Rs 5,307 crore for the three months ended March 31, 2024, as compared with Rs 5,143 crore in the previous quarter and Rs 4,716 crore a year ago.

Jio Infocomm met analyst estimates marginally, with the company’s net profit at Rs 5,308 crore as per an average of estimates compiled by ET.

Revenue and Financial Performance

The March quarter revenue from operations for Jio came in 2.3% higher sequentially at Rs 30,541 crore compared to Rs 29,853 crore in the fiscal third quarter and Rs 27,539 crore a year ago.

Jio’s finance costs in the December quarter, FY24, were slightly lower sequentially at Rs 1,004 crore compared to Rs 1,016 crore in the fiscal third quarter. Quarterly access charges also decreased to Rs 213 crore compared to Rs 302 crore in the previous quarter.

Market Response

Shares of Reliance Industries (RIL), Jio’s parent company, closed around 0.65% higher at Rs 2,960 on the BSE Friday. The Jio results were declared after market hours.

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