2023-10-27 05:47:05 pm | Source: Reuters
India`s Reliance Jio posts smallest profit rise in seven quarters
Reliance Jio Infocomm, India's biggest telecom carrier by subscribers, reported its slowest profit growth in seven quarters on Friday, hurt by higher expenses and a lack of recent tariff hikes.
Jio, the telecom arm of Indian billionaire Mukesh Ambani's Reliance Industries, said net profit rose 12% to 50.58 billion rupees ($608 million) in the second quarter.
The company said revenue from operations climbed 9.9% to 247.5 billion rupees. However, expenses jumped 9% to 180.63 billion rupees.
Jio did not announce any tariff hikes in the quarter.
It is looking to further boost user growth with the recent launch of a 4G budget-friendly phone and wireless broadband Jio AirFiber.
Reliance Industries is scheduled to report its results later in the day.
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