Jio's Q3 profit rises 28% on higher revenue and lower finance cost

Jio Platform's revenue from operations grew 20.9 per cent annually to Rs 24,892 crore in the third quarter

Led by an increase in revenue, Reliance Jio, the country’s largest mobile network operator, saw its net profit rise 28.6 per cent to Rs 4,881 crore year-on-year (YoY) in the third quarter of FY23.

Jio, which launched commercial 5G service in end-October, gained 5.3 million new users and the company’s subscriber count stood at 432.9 million at the end of the third quarter.

The company said it was stepping up the speed and coverage of its 5G network, which now extends to 134 cities and towns.

Jio Platform’s revenue from operations grew 20.9 per cent annually to Rs 24,892 crore