Reliance Jio Infocomm Q2 results: Net profit rises 12% to Rs 5,058 crore

Reliance Jio Infocomm, India's biggest telecom carrier by subscribers, reported its slowest profit growth in seven quarters on Friday, 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% to Rs 5,058 crore ($608 million) in the second quarter.

The company said revenue from operations climbed 9.9% to Rs 2,475 crore. However, expenses jumped 9% to Rs 18,063 crore.

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.

Reliance Industries is scheduled to report its results later in the day.