Reliance Jio Infocomm, the country’s largest telecom operator by subscribers, posted a 12% year-on-year (YoY) rise in standalone net profit for the quarter ended September 2023 to ₹5,058 crore as compared to ₹4,518 crore in the same period last year. Sequentially, the net profit rose 4% from ₹4,863 crore in Q1 FY24.

This was the slowest profit growth reported by billionaire Mukesh Ambani-controlled company in the last seven quarters, impacted by higher expenses and a lack of tariff hikes in recent times.

Jio, the telecom arm of Reliance Industries, saw its revenue from operations growing nearly 10% to ₹24,750 crore in Q2 FY24, from ₹22,521 crore in the corresponding period last year. Quarter-on-quarter, the revenue rose 3% from ₹24,042 crore in June quarter of the current fiscal.

The total income increased to ₹24,856 crore as compared to ₹24,127 crore in Q1 FY24 and ₹22,633 crore in Q2 FY23.

The total expenses rose to ₹18,063 crore as against ₹16,571 crore in the year ago period. In the June quarter of FY24, the expenses were at ₹17,594 crore.

On the operational front, Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose 3% QoQ to ₹12,953 crore in Q2 FY24 versus ₹12,578 crore in the June quarter of FY24.

For the first half of the current fiscal, the net profit increased by 12% to ₹9,921 crore as compared to ₹8,853 crore in H1 FY23. The revenue from operations grew 10% from ₹44,394 crore in H1 FY23 to ₹48,792 crore in H1FY24.

Ahead of Q2 results, the shareholders of Reliance Industries today approved appointments of Isha Ambani, Akashi Ambani and Anant Ambani as the non-executive directors of the oil-to-telecom conglomerate. The development comes months after the board of directors of RIL gave nod to the appointment of Isha, Akash and Anant as non-executive directors in August this year. The decision was taken on the recommendation of the Human Resources, Nomination and Remuneration Committee, according to the company. The move has been touted as a significant step in Mukesh Ambani’s succession plan.

Isha Ambani is driving the expansion of Reliance Retail into new categories, geographies and formats and is focused on enhancing the overall customer experience. Reliance Retail has a presence in food, consumer electronics and fashion retail and is India's largest retailer by reach, scale, revenue and profitability. Ambani is part of the executive leadership teams as a Member of the Board at Reliance Retail Venture Ltd, Reliance Jio and Reliance Foundation (RF), Reliance Foundation Institution of Education and Research, and Dhirubhai Ambani International School.

Akash Ambani has served as the chairman of Reliance Jio Infocomm since June 2022. He was earlier serving as a non-executive director on the Reliance Jio board since October 2014. He also serves on the Board of Jio Platforms, Reliance Industries' digital services business.

Anant Ambani has served as a director on the boards of Jio Platforms since March 2020, Reliance Retail Ventures Limited from May 2022 Reliance New Energy Ltd, and Reliance New Solar Energy Ltd since June 2021.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.