India's Reliance Jio posts smallest profit rise in seven quarters

RELIANCE Jio Infocomm, India’s biggest telecom carrier by subscribers, reported its slowest profit growth in seven quarters on Friday (Oct 27), 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 50.58 billion rupees (S$833 million) in the second quarter.

The company said revenue from operations climbed 9.9 per cent to 247.5 billion rupees. However, expenses jumped 9 per cent to 180.63 billion rupees.

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. REUTERS