Reliance Jio has managed to clock over Rs. 4,000 crore in net profit in the first quarter of the financial year 2022-23 (FY23), according to the financial statement released by the company. It also reported an increase in the Average Revenue Per User (ARPU) from Rs. 167.6 to Rs. 175.7 during the quarter. Why it matters: Reliance is one of the most valuable companies in India and it has been looking to diversify its interests by venturing into e-commerce. The financial statement offers insight into how Reliance looks to challenge the dominance of start-ups. Moreover, Jio is the largest telecom operator in the country and its financial statement offers a glimpse into the state of the telecom sector. [caption id="attachment_165769" align="alignnone" width="880"] Source: Reliance[/caption] How did Jio perform: The company registered an uptick in its user base which saw an addition of 9.7 million. The total number of users stands at 419.9 million. The company earned gross revenue of Rs. 27,527 crore in the quarter which is a 20 per cent increase from last year. The statement revealed that the company facilitated nearly 26 exabytes of data on its servers. It also revealed that subscribers were consuming more than 20 GB of data on average per month. The company also claimed that they had 53 per cent of the total market share more than the combined market share of its competitors. How is Meta helping Reliance: The company officials revealed in a presentation that Meta's investment helped Reliance in developing…
