Jio free cash flow down 82% in FY22 due to higher capex, working capital spending

Jefferies said “Jio’s 4Q performance disappointed with revenues, Ebitda and profits, all missing estimates”. It, in fact, has cut Jio’s valuation by “8% to $81 billion” and also lowered its FY23-24 (earnings) estimates for the telecom market leader by up to 18%.

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