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Mukesh Ambani-led Reliance Industries’ telecom subsidiary, Reliance Jio Infocomm, on Friday, posted a 12.2 per cent jump in first-quarter profit.
In a regulatory filing, the company attributed this to an addition in the number of subscribers.
Reliance Jio said net profit jumped to Rs 4,863 crore in the April-June quarter, from Rs 4,335 crore a year ago.
Reliance Jio’s total income during the first quarter rose to Rs 24,127 crore from Rs 21,995 crore a year ago.
The company’s revenue from operations rose by 9.9 per cent to Rs 24,042 crore during the reported quarter from Rs 21,873 crore in the June 2022 quarter.
Jio has been investing heavily in network infrastructure to grab a bigger market share.
Earlier this month, it launched a cheap 4G feature phone to tap the country’s vast remote markets, which are still on slower mobile networks.
The launch of the phone is seen as a way to avoid any hit to its overall subscriber base from a likely tariff hike in September, according to Ambit Capital.
Reliance Industries is scheduled to report its results later in the day.
(With agency inputs)
First Published: Jul 21 2023 | 5:01 PM IST
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