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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.
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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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