India`s Reliance Jio posts 12.3% rise in Q3 profit
Reliance Jio Infocomm, the telecom unit of Indian conglomerate Reliance Industries, broke a four-quarter streak of slowing profit growth on Friday, helped by subscriber additions, partly after the recent launch of a 4G budget-friendly phone.
Jio, India's biggest telecom operator by number of subscribers, said its net profit rose 12.3% year-over-year to 52.08 billion rupees (about $627 million) in the third quarter ended Dec. 31, according to an exchange filing.
Revenue from operations climbed 10.3%, snapping five straight quarters of slowing growth.
Jio, the first Indian telecom operator to report results for the quarter, was expected to post revenue growth of 10.3%-12% year-on-year and a 17% rise in profit, according to analysts.
The company has been aiming to boost user growth with the recent launch of a 4G budget-friendly phone and wireless broadband Jio AirFiber.
($1 = 83.0341 Indian rupees)
