Kumar Dhilip
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Reliance Industries Ltd, India's most valuable company, on Friday posted a better-than-expected 41.6per cent jump in profit in the third quarter, boosted by strong performance in its oil-to-chemicals and retail businesses.
Its retail business benefited from a rebound in consumer demand in the festival season and as coronavirus-related curbs lifted towards 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 its consolidated profit rose to 185.49 billion rupees ($2.50 billion) in the quarter ended Dec. 31, beating analysts' expectations of 154.74 billion rupees.
"The recovery in global oil and energy markets supported strong fuel margins and helped our O2C (oil-to-chemicals)business deliver robust earnings," Ambani said in a statement.
Revenue from Reliance's O2C operations – comprising the world's biggest refining complex at Jamnagar, and petrochemicals plants - surged 57per cent to 1.31 trillion rupees, while the retail segment revenue jumped more than 52per cent to 577.17 billion rupees.
Its retail business benefited from a rebound in consumer demand in the festival season and as coronavirus-related curbs lifted towards 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 its consolidated profit rose to 185.49 billion rupees ($2.50 billion) in the quarter ended Dec. 31, beating analysts' expectations of 154.74 billion rupees.
"The recovery in global oil and energy markets supported strong fuel margins and helped our O2C (oil-to-chemicals)business deliver robust earnings," Ambani said in a statement.
Revenue from Reliance's O2C operations – comprising the world's biggest refining complex at Jamnagar, and petrochemicals plants - surged 57per cent to 1.31 trillion rupees, while the retail segment revenue jumped more than 52per cent to 577.17 billion rupees.
