Reliance Jio Infocomm, India’s largest telecom carrier by subscribers, has announced its slowest profit growth in seven quarters. The dip in profits is attributed to higher expenses and the absence of recent tariff increases.
Financial Highlights
- Net profit for the second quarter increased by 12% to INR 5,058 crore (approximately $608 million).
- Revenue from operations grew by 9.9% to INR 24,750 crore.
- However, expenses also rose by 9% to INR 18,063 crore.
- Notably, Jio did not implement any tariff hikes during the quarter.
Expansion Efforts
To boost user growth, Jio recently launched a budget-friendly 4G phone and wireless broadband service known as Jio AirFiber.
Upcoming Results
Reliance Industries, the parent company of Reliance Jio, is set to release its financial results later in the day.
Last Modified: February 22, 2024