Reliance's retail business rode a boom in consumer demand, with the lifting of most COVID-19 restrictions toward the end of 2021, while higher refining margins and improved price realizations bolstered its mainstay energy business.
The company, led by Asia's richest man Mukesh Ambani, said on Friday its consolidated profit rose to 185.49 billion Indian rupees ($2.50 billion) in the quarter ended Dec. 31 from 131.01 billion rupees a year earlier.
Analysts, on average, had expected a profit of 154.74 billion rupees, according to Refinitiv data.
Revenue from Reliance's oil-to-chemicals unit - home to both its refining and petrochemicals operations - surged 57% to 1.31 trillion rupees, while the retail segment revenue jumped more than 52% to 577.17 billion rupees.
The company said overall revenue from operations rose 54% to 1.91 trillion rupees.
Reliance recorded a one-off gain of 28.72 billion rupees from the sale of its shale gas assets.
($1 = 74.3330 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D'Silva)
