Reliance Jio’s Q1FY23 net profit jumps 24% on-year to ₹4,335 cr

India’s largest telecom services provider Reliance Jio reported a net profit of ₹4,335 crore for the quarter ended June 2023, 23.8% higher than ₹3,501 crore in the same quarter last financial year, the company said in a note to the exchanges on Friday.  

The telecom arm of Reliance Industries Limited, clocked revenues of ₹21,873 crore in the quarter ended June 2022, up 21.5% on-year compared to ₹17,994 crore in the same quarter last year.

The numbers missed the quarterly market estimates as profit increased by 3.8% sequentially from ₹4,173 crore in the quarter ended March, and revenue rose by 4.6% sequentially from ₹20,901 crore.  

According to analysts at ICICI Securities, the carrier’s revenue was expected to grow 3.2% on-quarter to ₹23,000 crore and net profit was to rise 6.4% on-quarter to ₹4,600 crore on lower interest cost from refinancing of high-cost spectrum debt. The brokerage house had pegged the carrier’s EBITDA to grow by 3.3% sequentially to ₹11,300 crore with incremental EBITDA margin at 50%.