Reliance Industries Second-Quarter Net Profit Rises and Beats Forecasts

what happened

Indian conglomerate Reliance Industries said on Friday that its net profit for the three months ended September rose to 255.48 billion rupees, about $2.68 billion, from 181.65 billion rupees a year earlier. Dow Jones Newswires reported the figures based on the company's results.

The result came in above the 213.48 billion rupee average estimate from analysts polled by LSEG. Revenue grew to 3.329 trillion rupees from 2.589 trillion rupees over the same period.

The gains came from the oil-to-chemicals, digital-services and oil-and-gas segments, where earnings before interest and taxes all increased. That growth outweighed a drop in the retail business.

why it matters

For markets, the breadth of the growth matters as much as the headline number: three core segments contributed more, while retail remained the weak spot. A result that beats consensus typically supports interest in the company's shares and in Indian equities more broadly.

market impact

Reliance shares: earnings above expectations support the stock and sentiment toward Indian equities

• ▲Reliance Industries shares pressure up — profit beat consensus and growth came from several segments at once

tags

instruments