India's largest telecom operator Reliance Jio Infocomm on Friday reported a nearly 24 per cent year-on-year rise in its standalone net profit to ₹4,335 crore for the June 2022 quarter.

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

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 ₹4.3 lakh crore will be put on the block during the upcoming auction, scheduled to begin on July 26.