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Reliance Jio reports 28% growth in profit in Q2, first earnings report under Akash Ambani

Reliance Jio reported 28.1% growth in quarterly profit. (file)

Bangalore:

Reliance Jio, the telecom arm of Mukesh Ambani-led Reliance Industries Group, on Friday announced 28.1 per cent rise in profit to Rs 4,518 crore in the September quarter as a result of higher subscriber growth.

It’s a solid start for Mukesh Ambani’s son Akash Ambani, who succeeded Indian billionaire Jio as chairman in late June.

Reliance Jio’s non-executive director Akash Ambani was appointed the chairman of the board of directors after Mukesh Ambani resigned from the board.

In a regulatory filing, India’s largest telecom carrier by subscribers said its net profit stood at Rs 3,528 crore in the same period last fiscal.

Revenue from operations grew 20.2 per cent to Rs 22,521 crore from Rs 18,735 crore in the year-ago period.

The Q2 scorecard coincides with the network rollout for 5G services across the country, the much talked about next-generation technology that is expected to usher in a new era of accelerated speeds, lag-free connectivity and cutting-edge applications in India. The world’s largest smartphone market after China.

Jio said earlier this month that select users will take part in beta testing of its 5G services from October 5 in four cities: Delhi, Mumbai, Kolkata and Varanasi.

Reliance Jio overtook state-run BSNL to become the largest wireline company, with 7.1 million subscribers, according to Telecom Regulatory Authority of India (TRAI) data released on Tuesday.

According to TRAI data, the telecom firm added 32.8 lakh new customers in August, while Bharti Airtel lost 3.2 lakh and Vodafone Idea 19.6 lakh.

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