Reliance Jio Q1FY23 results: Profit increases 23.8% to Rs 4,335 crore

Reliance Q1 PAT is marginally up from the Rs 4,173 crore profit witnessed in Q4 of last fiscal

Reliance Jio on Friday reported a standalone net profit of Rs 4,335 crore in the quarter ending June 30, 2022.

Billionaire Mukesh Ambani-led Reliance Jio clocked revenue from operations of Rs 21,873 crore in the just-ended quarter, which was 21.5 per cent higher than the year-ago period, according to a filing.

The net profits of Reliance Jio have surged throughout the year. In Q4FY22, the company's figures stood at Rs 4,313 crore, up 23 per cent y-o-y.

In Q3FY22, the net profit was Rs 3,795 crore, and in Q2FY22, it was Rs 3,728 crore. In the first quarter of the last financial year, Reliance Jio had recorded a net profit of Rs 3,651 crore, up 45 per cent from Q1FY21.

For the financial year ended March 31, 2022, Reliance Jio's consolidated PAT increased by about 23 per cent to Rs 14,854 crore, compared to Rs 12,071 crore in FY21.

Jio's Q1 scorecard comes at a time when the telecom market is poised for the advent of 5G services, which will usher in ultra-high speeds (about 10 times faster than 4G) and bring new-age services and business models.

The countdown to 5G spectrum auctions has begun, and a total of 72 GHz (gigahertz) of radiowaves worth at least Rs 4.3 lakh crore will be put on the block during the upcoming auction, scheduled to begin on July 26.