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Reliance Jio posts smallest profit rise in seven quarters

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)

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