Reliance Industries Reports 7.4% Profit Increase

Reliance Industries Ltd. reported a 7.4% increase in net profit for the December quarter, reaching 185.4 billion rupees ($2.14 billion), driven by strong performances in its retail and telecom sectors. The profit surpassed analyst expectations, as the company's retail unit benefited from festive buying, and Jio Infocomm saw a significant profit increase of 24%. Despite volatility in the petrochemical sector, the overall revenue rose to 2.43 trillion rupees, reflecting a 6.6% increase from the previous year. Chairman Mukesh Ambani highlighted the resilience of the oil-to-chemicals business and the strategic advancements in digital services and retail as key factors for this quarter's success. This marks a notable recovery following several quarters of disappointing earnings forecasts for the company. Reliance's diversified approach continues to support its financial growth in a challenging market environment.