Reliance Industries Ltd., India’s most valuable company, reported second-quarter profit that jumped 43% to exceed market expectations, as higher demand for oil products boosted its mainstay oil-to-chemicals business.
The conglomerate, led by billionaire Mukesh Ambani, said consolidated profit rose to ₹136.80 billion in the quarter ended September 30, from ₹95.67 billion a year earlier.
Analysts, on average, had expected a profit of ₹134.65 billion, according to Refinitiv data.
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Revenue from the oil-to-chemicals unit, home to both its refining and petrochemicals operations, rose 58.1%, benefiting from a sharp recovery in demand across products and higher transportation fuel margin, the company said.
Reliance’s telecom unit Jio reported a 24% rise in profit. Overall revenue from operations rose 50% to ₹1.74 trillion from a year earlier.