Reliance Industries Q3 profit rises by 7% to Rs 18,540 crore

New Delhi: Oil-to-telecom conglomerate Reliance Industries Limited (RIL) on Thursday reported a consolidated net profit of Rs 18,540 crore for the quarter ended December, registering a growth of 7.4% year-on-year, led by robust earnings from digital and retail businesses.

Mukesh Ambani-led RIL’s consolidated revenue in the third quarter of the current financial year increased to Rs 2.40 lakh crore, up 6.7% from Rs 2.25 lakh crore recorded in the corresponding period of the previous year.

Profits of Reliance Jio surged on the back of tariff hikes. Net profit of Reliance Jio Infocomm jumped by 26% to Rs 6,861 crore in the quarter ended December 31.

“Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics. This was well supported by a favorable subscriber mix, with an increasing number of users upgrading to 5G networks," Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said in a statement.

Reliance Retail Ventures profit jumped 10% to Rs 3,458 crore in October-December quarter from Rs 3,145 crore recorded in the corresponding period of the previous year.

The company’s revenue from its oil-to-chemicals (O2C) business for the quarter under review increased by 6% to Rs 1.49 lakh crore.

The O2C business showcased its innate resilience, registering growth even in this prolonged period of volatility in the global energy markets. Refining margins recovered sequentially, with petrochemical deltas exhibiting a mixed trend, Ambani said.

“Upstream segment continues to play a pivotal role in providing the crucial transition fuel bolstering India’s energy security,” he added.