BENGALURU (Reuters) – India’s Reliance Industries reported fourth-quarter profit above analysts’ estimates on Monday, boosted by strength in its mainstay oil to chemicals (O2C) segment.
The billionaire Mukesh Ambani-led company said its consolidated profit fell about 2% to 189.51 billion Indian rupees ($2.27 billion) in the January-March quarter, but edged past analysts’ average estimate of 185.22 billion rupees, according to LSEG data.
The company, India’s largest by market value, said its consolidated revenue gained 11.6% to 2.41 trillion rupees, helped by a 10.9% jump in its oil-to-chemicals unit on improved price realisation and higher sales of transportation fuels.
Reliance’s Jamnagar Refinery is the world’s largest refining complex with a combined capacity of about 1.4 million barrels per day, and a key profit driver for the company, despite its aggressive expansion into retail, telecom and green energy.
Reliance Jio Infocomm, India’s biggest telecom carrier by subscribers, reported a 13.2% rise in quarterly profit, boosted by subscriber additions, while the conglomerate’s retail unit posted an 11.7% increase in profit.
The company’s total expenses surged 11.8% in the reported quarter, mainly due to higher depreciation and amortisation costs.
($1 = 83.3651 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru; Editing by Shinjini Ganguli)
