Reliance Jio Infocomm, the telecom unit of Mukesh Ambani’s Reliance Industries, posted only 4% sequential rise in net profit due to higher expenses and the absence of tariff increases.
Jio’s net profit rose 4% to Rs 5,058 crore in the July-September quarter from Rs 4,863 crore in June quarter.
Revenue rose 3% to Rs 24,750 crore in Q2FY24 as against Rs 24,042 in Q1FY24. Jio did not announce any tariff hikes in the quarter. On an annual basis, Jio’s net profit rose 12% and revenue climbed 10%.
It is looking to further boost user growth with the recent launch of a 4G budget-friendly phone and wireless broadband Jio AirFiber.