Reliance Industries reports record quarterly profit for July-September quarter
The conglomerate's profit rose 33.8 per cent to ₹29,550 crore, driven by the oil-to-chemicals business.
Reliance Industries Ltd reported a consolidated profit after tax of ₹29,550 crore for the second quarter of FY27, according to a report by Mint on Friday, 30 October. This marks a 33.8 per cent increase from the ₹22,092 crore recorded in the same period last year.
The company's consolidated revenue grew 27.8 per cent year-on-year to ₹3,62,268 crore, while EBITDA reached a record ₹62,409 crore. The profit exceeded the ₹23,196 crore reported in the previous quarter.
The oil-to-chemicals (O2C) business was the primary driver of growth, with segment EBITDA jumping 67.9 per cent year-on-year to ₹25,203 crore. Reliance said its diversified crude sourcing and product placement helped capture stronger margins despite geopolitical disruptions and higher freight costs.
Digital services provider Jio reported an average revenue per user of ₹219, up from ₹216 in the previous quarter. However, the retail business saw revenue growth of 6 per cent year-on-year, with EBITDA declining 13 per cent year-on-year to ₹5,780 crore, Equirus Securities noted.
Nuvama Institutional Equities maintained a Buy rating on the company with a target price of ₹1,703, though it cautioned that weakness in retail could dilute O2C performance. Equirus Securities has a Long rating with a target price of ₹1,537, but stated its recommendation is under review.