Indian conglomerate Reliance Industries reported first-quarter consolidated net profit of 209.46 billion rupees, beating the LSEG-compiled analyst average estimate of 185.5 billion rupees. The 22.4 percent decline from a year earlier was due to a one-off boost from the sale of Asian Paints shares in the same period last year. All three main divisions — petrochemicals, retail, and telecoms — performed solidly. Core profit at the oil-to-chemicals segment, which includes refining, rose 17.2 percent, while telecom unit Jio Platforms saw core profit increase 15.1 percent, with its subscriber base reaching 533 million. Chairman Mukesh Ambani said the O2C business was helped by middle distillate spreads hitting record highs.
Telecom unit Jio Platforms reported 15.1% core profit growth and subscriber base reached 533 million.