Reliance Industries doubles profit on Petchem rebound
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BENGALURU (Reuters) - India's Reliance Industries doubled its quarterly profit but missed analysts' estimates as a rebound in its oil-to-chemicals business and healthy retail sales failed to counter a 10% jump in overall costs.
The oil-to-telecoms conglomerate, led by billionaire Mukesh Ambani, said on Friday consolidated profit climbed to 132.27 billion rupees ($1.79 billion) in the fourth quarter, from 63.48 billion rupees a year earlier. Analysts on average had expected a profit of 134.91 billion rupees, according to Refinitiv data.
Revenue at its oil-to-chemicals unit rose 4.5% in the March quarter, fueled by pent-up demand globally for petrochemical products like PVC plastics, as business activity began to pick up after a coronavirus-hit 2020.
Revenues at telecoms and digital unit Jio and its retail division - India's largest retail business - jumped nearly 20% each.
Overall, revenue edged up 11% to 1.55 trillion rupees.
(Reporting by Sachin Ravikumar in Bengaluru; Editing by Sriraj Kalluvila)
