Reliance Jio: The country’s largest telecom operator Reliance Jio on Friday said that the company’s net profit for the fourth quarter ended March 2023 increased by 13% to Rs 4,716 crore.
Reliance Jio earned a net profit of Rs 4,173 crore in the last financial year, according to the company’s regulatory filing.
Its revenue from operations in the reported quarter grew by nearly 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 is projected to grow by nearly 23 per cent to Rs 18,207 crore from Rs 14,817 crore in 2021-22.
Annual revenue from operations grew by nearly 18 per cent to Rs 90,786 crore in the last fiscal as compared to Rs 76,977 crore in 2021-22.
Read also: Reliance, Jio secure record $5 billion syndicated loan from international banks
SBI General FY23 net profit up 40%
Meanwhile, SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income is expected to grow 40 per cent year-on-year to Rs 184 crore in FY23 on gross written premium income of Rs 10,888 crore.
The company said it can maintain its strong growth momentum throughout the year, as evidenced by a 40 per cent rise in net profit and 17.6 per cent growth in gross premium over the past 12 months.
It said its market share increased to 4.21 per cent this year with over 22 crore customers. The company said the solvency ratio stands at 1.72 times, which is slightly higher than the regulatory mandate of 1.5 times.
(With PTI inputs)