Reliance Jio Infocomm’s (RJio) Q3FY23 revenue was up 2.1% QoQ to Rs230bn in line with our estimates, while ARPU rose 0.6% QoQ to Rs178 due to higher addition of FTTH subscribers (subs). Sub growth decelerated to 1.2% QoQ (5.3mn net add); nonetheless, it was better than that of peers.