Reliance Jio Infocomm Sees 12% Profit Surge in Q1 2024

Reliance Jio Infocomm reports a 12% rise in net profit for the April-June 2024 quarter, achieving Rs 5,445 crore. Revenues also grew by over 10% to Rs 26,478 crore, driven by 5G network expansion and digital services.

Reliance Jio Infocomm on Friday announced a notable 12% increase in its net profit for the April-June 2024 quarter, reaching Rs 5,445 crore. This is a significant rise from the Rs 4,863 crore net profit recorded in the same period last year. The revenue from operations also saw a robust 10% growth, climbing to Rs 26,478 crore from Rs 24,042 crore in the previous year's corresponding quarter.

The financial results were reviewed by the telecom company's Audit Committee and subsequently approved by the Board of Directors during their respective meetings held on July 19. As part of its strategic growth plan, Reliance Jio is in the process of setting up a 5G Network and continues to enhance its existing wireless and wireline network capacity. The company primarily focuses on offering Digital Services.

Since its launch in 2016, Jio has aimed to provide affordable internet access to every Indian. It has rapidly grown to become the largest telecom operator in India and the second largest single-country operator globally. The company offers a wide range of services including connectivity, fibre, mobile devices, apps, and business solutions. Reliance Jio Infocomm Limited operates as a subsidiary of Jio Platforms Limited. (ANI)

(With inputs from agencies.)