Reliance Industries Q3 net profit up 10%, beats estimate

India’s oil-to-telecoms conglomerate Reliance Industries Ltd beat analysts’ estimates to post a 10% increase in third-quarter standalone net profit, bolstered by higher margins in its core business.

India’s oil-to-telecoms conglomerate Reliance Industries Ltd beat analysts’ estimates to post a 10% increase in third-quarter standalone net profit, bolstered by higher margins in its core business.

Mukesh Ambani, chairman and managing director, Reliance Industries (PTI)

Standalone net profit rose to Rs 8,022 crore for the three months to Dec. 31 from Rs 7,296 crore reported a year earlier, Reliance, controlled by India’s richest man Mukesh Ambani, said in a statement on Monday.

Analysts on average had expected a standalone profit of Rs 7,850 billion rupees, according to data compiled by Thomson Reuters.

On a consolidated basis, which includes its telecom, retail and US shale gas operations, its net profit came in at Rs 7,567 crore.