Bengaluru: 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 per cent to Rs 5,058 crore ($608 million) in the second quarter.
The company said revenue from operations climbed 9.9 per cent to Rs 24,750 crore. However, expenses jumped 9 per cent to Rs 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.
Reliance Industries is scheduled to report its results later in the day.
($1 = 83.2150 Indian rupees)
(Published 27 October 2023, 13:11 IST)