BENGALURU, April 30 (Reuters) - India's Reliance Industries
said on Friday its quarterly profit doubled, led by a
rebound in its petrochemicals and retail businesses, but fell
short of analysts' estimates as costs jumped 10%.
The oil-to-telecoms conglomerate, led by billionaire Mukesh
Ambani, said consolidated profit climbed 108% to 132.27 billion
rupees ($1.79 billion) in the three months to March 31. Analysts
on average had expected 134.91 billion rupees, according to
Revenue at Reliance's oil-to-chemicals unit home to both
its refining and petrochemicals operations rose 4.5% in the
March quarter. The Mumbai-headquartered company benefited from
pent-up demand globally for petrochemical products like PVC
plastics, as business activity began to pick up after a
Reliance has built leading businesses in telecom and retail
in recent years to diversify away from its mainstay energy arm,
which has been recovering slowly from a coronavirus-driven slump
Its retail business of more than 12,000 stores and
supermarkets posted a 20% jump in revenue as shoppers bought
more groceries and apparel, resulting in all-time high revenues
in those two categories, Reliance said.
Still, India's ongoing massive second wave of the virus,
which has spurred lockdowns in many cities, had hit footfalls at
stores as well as consumer sentiment, it said.
Revenues at Reliance's telecoms and digital unit Jio, which
has been locked in a close battle with Bharti Airtel
for subscribers, also jumped about 19%.
Overall, revenue edged up 11% to 1.55 trillion rupees.
Expenses rose 9.8% to 1.43 trillion rupees.
($1 = 73.9750 Indian rupees)
(Reporting by Sachin Ravikumar in Bengaluru; Editing by Sriraj
Kalluvila and Shailesh Kuber)