Jan-March 2023 Performance in Telecom: Airtel vs Jio vs Vodafone Idea Earnings

A Look at how Airtel, Jio and Vodafone Idea performed during the Jan-Mar 2023 period

Telecom Industry Performance
  • Jio has the largest market share in the Indian telecom industry 

  • Airtel had the most impressive run during Q4 2023 in terms of revenue and profit

  • Vodafone Idea is losing its market to Jio and Airtel, despite an increase in subscribers and ARPU

At the start of 2023, Reliance Jio maintained the pole position in the Indian telecom market share of 117.07 crore, while Airtel found itself in the second position. Vodafone Idea, on the other hand, was rapidly losing its customer reach. However, if you zoom into a particular quarter, it is the new customers gained and the Average Revenue Per User (ARPU) that tells the full story.

Also Read: Vodafone Idea’s Q4 report: What it means for investors and consumers

Jio vs Airtel vs Vodafone Idea in Quarter 4 of 2023

The quarterly performance of these telecom players is not just important for shareholders but also for the mutual fund investors with investments in these stocks.

Revenue - 

Reliance Jio garnered revenue of Rs 25,465 crores in Q4. This is a 14.4% increase over its Q4 2022 revenue of Rs 22,261 crores. Airtel reported the highest Q4 revenue among its peers. Its Rs 36,009 crores was a 14.3% increase over the previous year’s Q4 earnings of Rs 31,500 crores. Vodafone Idea, too, saw an increase in revenue, albeit by only 2.9%. Its revenue in Q4 2023 was 10,532 crores.

Profit - 

Jio’s net profit for the Jan-Mar 2023 quarter was Rs 43.93 crore, which is a 7.1% increase over its Q4 2022 profits. Airtel’s QoQ net profit increase was lower at 5.9%, but its profit was the highest of the three at Rs 51.85 crores. Vodafone Idea’s net profit was reduced by 7.3% in the QoQ comparison, with its net profit during the last quarter being Rs 22.59 crores.

Also Read: Reliance Q4 results: The must-read report for investors and industry insiders


Airtel had the highest ARPU of the three, while Vodafone Idea saw the most percentage increase. Jio’s ARPU increased by 6.7% to reach Rs 178.80. Airtel’s ARPU during the quarter was Rs 193 while Vodafone Idea’s ARPU is a lowly Rs 135.

Subscriber addition - 

Jio’s subscribers increased by 1.5% to reach 43.93 crores. Airtel did a little better in terms of subscriber addition with a 2.9% increase. This took its subscriber tally to over 33.5 crores. Vodafone Idea lost 7.3% of its customer base and had 22.59 crore subscribers by the end of Q4.

Also Read: Q4 results: Bharti Airtel shines in Africa, but what about India?

Despite its market leader status, Jio’s revenue, net profit and ARPU are lower than Airtel’s. Consequently, Airtel’s share price has continued to rise in the one-year period. Vodafone Idea saw an increase in revenue and ARPU but is losing its overall market base to the Big Two of the Indian telecom industry. 



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