Indian billionaire Mukesh Ambani’s Reliance Industries (RELI.NS) reported a better-than-expected 78% surge in first-quarter profit on Friday, supported by a rebound in its core oil-to-chemicals business and strong performances across its retail and digital services segments. Additional gains from the sale of its stake in Asian Paints also significantly boosted earnings.
The profit rise was fueled by improved refining margins and petrochemical demand, lifting the oil-to-chemicals unit. Meanwhile, continued momentum in retail and Jio—its telecom and digital platform—contributed meaningfully to overall performance.
A sharp jump in other income, led by Reliance’s exit from its Asian Paints investment, further strengthened the bottom line. Other income for the quarter nearly quadrupled to ₹151.19 billion, of which ₹89.24 billion came from the stake sale. In June, Reliance offloaded a stake in Asian Paints valued at around $1.12 billion.
Reliance Industries, India’s most valuable firm by market capitalization, reported consolidated net profit of ₹269.94 billion ($3.14 billion) for the quarter ended June, up from ₹151.38 billion a year earlier—beating analyst forecasts of ₹198.59 billion, according to LSEG data.
Reliance Retail and Jio, which together generate nearly 45% of the conglomerate’s revenue, continued to be major earnings drivers. These divisions had previously helped offset a slowdown in oil-to-chemicals performance during the six months to March.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) from the oil-to-chemicals unit rose 10.8% to ₹145.11 billion.
Jio Platforms posted the strongest year-on-year EBITDA growth of 23.9%, while retail EBITDA climbed 12.7%.
Jio Infocomm, the group’s telecom unit, reported a 23.3% increase in net profit and a 16.6% rise in revenue.
Reliance also confirmed it is on track to commission its planned “giga factories” within the next four to six quarters. The company said that once operational, the green energy initiative will become self-sustaining and will no longer require fresh capital injections from Reliance.
The company, which operates the world’s largest refining complex in Jamnagar, Gujarat, had previously announced a $10 billion investment in 2021 to expand its green energy portfolio and achieve net-zero carbon emissions by 2035.
