Reliance Jio Q1 Results: Net Profit Rises Nearly 24% To Rs 4,335 Cr

Reliance Jio, a major telecom company, announced on Friday a 23.8% increase in standalone net profit for the Q1 ended June 30, 2022, to Rs 4,335 crore. The telco had posted a net profit of Rs 3,501 crore at the same time last year.

Operational revenue climbed by 21.5% to Rs 21,873 crore in the mentioned quarter from Rs 17,994 crore in the same quarter of the previous fiscal year.

In Q1FY23, EBITDA reached 10,964 crores, up from Rs 8,617 crores in Q1FY22, while the EBIDTA margin grew by 220 basis points to 50.1%.

Reliance Jio's Q1 report comes at the time when the Indian telecom industry is preparing to welcome the arrival of 5G services in the country. The 5G services will bring cutting-edge services and business models as well as ultra-high speeds to the telecom.

The next 5G spectrum auction, scheduled to start on July 26, will feature a total of 72 GHz of radiowaves valued at at least Rs 4.3 lakh crore. The countdown to the auction has already started.