Jio, retail boost RIL profit by 12% in Q3

Consumer businesses perform well; O2C shows signs of revival

- Anirudh Laskar & Gulveen Aulakh

India's largest private company Reliance Industries Ltd posted nearly 12% higher net profit in the December quarter as its digital and retail businesses levelled up, and its legacy petrochemicals business showed signs of revival.

The Mukesh Ambani-led conglomerate on Thursday said net profit for the quarter jumped 11.7% from a year earlier to ₹21,930 crore, beating Bloomberg estimate of 18,326.2 crore. Consolidated quarterly revenue was up 7.7% at ₹2.67 trillion, against the Bloomberg estimate of 2.33 trillion.

"The O2C business showcased its innate resilience, registering growth even in this prolonged period of volatility in the global energy markets," said Ambani, RIL's chairman and managing director.

Over the past year, the conglomerate has struggled to improve margins in its largest business of oil to chemicals (O2C), which produces petrochemical products with a wide range of domestic and industrial use.

Over the past few months, RIL's stock has traded around ₹1,200, despite a bonus issue in October. On Thursday, RIL shares closed 1.31% higher at 1268.7 on BSE, before the earnings announcement.