Reliance Industries Reports Record Profits Amid Consumer Business Surge

Reliance Industries, the most valuable company in India, announced its highest-ever quarterly profit of Rs 26,994 crore for the April-June quarter, showing a substantial 78.3% growth over the same period last year. The rise was largely driven by impressive gains in the consumer sectors of the conglomerate.

Under the leadership of billionaire Mukesh Ambani, the oil-to-telecom giant reported a consolidated net profit, attributing Rs 26,994 crore, or Rs 19.95 per share, compared to Rs 15,138 crore in the comparable quarter a year ago. The profit stood at 39% higher than the previous quarter's Rs 19,407 crore.

The firm's robust performance in the consumer arena was underscored by Jio's expanding subscriber base and a steady retail output fueled by increased foot traffic at its broadened store network. However, the O2C business faced a 1.5% Y-o-Y revenue decline due to reduced crude prices and planned operational shutdowns.

(With inputs from agencies.)