India's Reliance beats profit estimates on boost from energy, retail

BENGALURU :Reliance Industries Ltd, India's most valuable company, on Friday posted a better-than-expected 41.6per cent jump in profit for the December quarter, boosted by strong performance in its oil-to-chemicals and retail businesses.

Reliance's retail business rode a boom in consumer demand, with the lifting of most COVID-19 restrictions toward the end of 2021, while higher refining margins and improved price realizations bolstered its mainstay energy business. The company, led by Asia's richest man Mukesh Ambani, said on Friday its consolidated profit rose to 185.49 billion Indian rupees in the quarter ended Dec. 31 from 131.01 billion rupees a year earlier.Revenue from Reliance's oil-to-chemicals unit – home to both its refining and petrochemicals operations – surged 57per cent to 1.31 trillion rupees, while the retail segment revenue jumped more than 52per cent to 577.17 billion rupees.Reliance recorded a one-off gain of 28.

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