Reliance Jio posts 13% rise in profit to Rs 4,716 crore for fourth quarter

Reliance Jio: The country’s biggest telecom operator Reliance Jio on Friday stated that the company’s net profit increased 13% to Rs 4,716 crore for the fourth quarter that ended March 2023.

According to the company’s regulatory filing, Reliance Jio posted a net profit of Rs 4,173 crore in the last fiscal. 

Its revenue from operations in the reported quarter increased by about 12 per cent to Rs 23,394 crore from Rs 20,945 crore in the March 2022 quarter.

For the year ended March 31, 2023, the company’s net profit rose about 23 per cent to Rs 18,207 crore from Rs 14,817 crore in 2021-22.

The annual revenue from operations grew by about 18 per cent to Rs 90,786 crore in the last fiscal compared to Rs 76,977 crore in 2021-22.

ALSO READ: Reliance, Jio secure a record $5 billion syndicated loan from international banks

SBI General FY23 net profit jumps 40%

Meanwhile, SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income surged 40 per cent year-on-year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore.

The company said it could sustain the strong growth momentum through the year, as visible from the 40 per cent jump in net profit and 17.6 per cent growth in gross premium over the 12 trailing months.

It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers. The solvency ratio stood at 1.72x, marginally higher than the regulatory mandate of 1.5x, the company said.

(With PTI inputs) 

Latest Business News