Quarterly Net Profit Rises for Reliance Industries

By Pierre Bertrand

Reliance Industries, the Indian conglomerate, reported a 9.3% increase in net profit for the third quarter of the fiscal year. Despite this growth, the company fell short of analyst expectations.

For the three months ended on December 31, net profit reached 172.65 billion rupees ($2.08 billion), compared to 157.92 billion rupees in the same period a year earlier.

However, according to a poll of analysts conducted by FactSet, the company missed the estimate of 172.93 billion rupees in quarterly net profit.

Reliance Industries witnessed growth in all of its business segments, including oil to chemicals, oil and gas, retail, and digital services.

EBIT for the oil to chemicals business increased to 119.93 billion rupees from 118.91 billion rupees in the previous year. Additionally, oil and gas saw a significant growth of 28% to 41.16 billion rupees.

The digital services segment experienced an 11% year-on-year growth in EBIT, reaching 83.61 billion rupees. Retail EBIT also showed strong growth, rising 31% to 48.84 billion rupees.

Overall, third-quarter revenue increased by 3.5% to 2.28 trillion rupees from 2.201 trillion rupees.