Beating market estimates and led by improved margins in refining and petrochemical business, India's biggest company by market capitalisation Reliance Industries on Friday reported a 24% year-on-year jump in net profit to Rs. 5,502 crore for the third quarter ended December 31 against Rs. 4,440 crore a year ago.

"RIL's performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business," said Mukesh Ambani, chairman and managing director, RIL.

Sales stood at Rs. 93,886 crore during the third quarter while gross refining margins stood at $9.6 a barrel against $6.8 per barrel in the year-ago period.

RIL is investing over Rs. 100,000 crore by expanding its petrochemical capacities and adding value to the refining business, which Ambani said will secure a significant change in RIL's earning when commissioned.

"It will also provide employment opportunity for thousands of young Indians and support India's economic growth."