Reliance Industries' Q3 Profit Surpasses Expectations, Driven by Retail and Telecom Growth

Reliance Industries Ltd. posted a 7.4% year-on-year growth in consolidated net profit in the third quarter at ₹185.40 billion. This beats analysts' expectations of ₹180.38 billion. The retail segment witnessed revenue growth, led by festive demand. Reliance Jio Infocomm, the telecom arm, also reported a 24.4% growth in profit as it gained from tariff hikes and a growing base of 5G subscribers. Brokerage firms' response has been upbeat. Thereby, several firms have upgraded their ratings and increased the target prices, citing diversified business model, strategies adopted, and strategic initiatives of RIL as catalysts for sustainable growth.

Source: Reuters