Reliance posts 40% rise in quarterly profit

Billionaire Mukesh Ambani's Reliance Industries posted a 40.6% surge in quarterly net profit, beating market expectations, boosted by strong performance across key businesses.

The company, which operates the world's largest refining complex in western India, has benefited from Brent crude rising about 60% since the Iran war broke out at the end of February. Oil-to-chemicals accounts for more than half of Reliance's revenue.

Jio Platforms, its digital services arm, which made a mega stock market debut earlier this week, posted a 16.6% rise in core earnings.

Mukesh Ambani said the oil-to-chemicals business delivered a particularly strong performance in the quarter, driven by tight fuel markets, improved petrochemical margins and firm domestic demand.

Consolidated net profit rose to 255.48 billion rupees ($2.69 billion) for the quarter ended September 30, beating analysts' average estimate of 214.19 billion rupees, according to data compiled by LSEG.

Core earnings at Reliance's refining business, a key profit driver, soared 68%.