India's largest telecom operator Reliance Jio Infocomm on Friday reported a nearly 24% year-on-year rise in its standalone net profit to ₹4,335 crore for the June quarter.

Revenues of the subsidiary of Reliance Industries Ltd. subsidiary grew 21.5% to ₹21,873 crore during the quarter under review.

According to analysts at ICICI Securities, the carrier's revenue was expected to grow to ₹23,000 crore while net profit was estimated at ₹4,600 crore.

The brokerage house had pegged the carrier's Ebitda to grow 3.3% sequentially to ₹11,300 crore, with incremental Ebitda margin at 50%.

In Q1FY23, the company's value of services was at ₹25,725 crore up by 21.41% from ₹21,189 crore in Q1FY22 and higher by 4.56% from ₹24,602 crore in Q4FY22.

RJio's margin improved to 50.1% in Q1FY23 compared to 47.9% in the corresponding period last year. However, margins edged lower from 50.3% in Q4FY22.

Revenue advanced to ₹76,977 crore as of March 31, 2022, compared to ₹69,888 crore as of March 31, 2021.