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Jio posts smallest profit rise in seven quarters

Hindustan Times

|

October 28, 2023

Jio's net profit rose 12% to ₹5,058 crore in Q2, revenue climbed 9.9% to ₹2,475 crore.

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 ₹5,058 crore($608 million) in the second quarter.

The company said revenue from operations climbed 9.9% to ₹2,475 crore. However, expenses jumped 9% to ₹18,063 crore.

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.

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