India's Reliance set for best day since January 2024 as O2C recovery, Jio growth lift outlook
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Reliance shares are set for their best day since January 2024 after the company posted a 40.6% jump in September-quarter net profit to 255.48 billion rupees.
- ✓Strong refining margins and Jio growth helped the firm beat estimates.
- ✓Analysts said the O2C business hit the bullseye, boosting the company’s overall outlook.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 1 Minute(s)
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- India Economy
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Billionaire Mukesh Ambani's Reliance posted a 40.6% jump in September-quarter net profit to 255.48 billion rupees ($2.69 billion), ahead of analysts' estimate of 214.19 billion rupees, on the back of stronger refining and petrochemical margins.
The quarter reinforced expectations that Reliance's earnings growth is gathering pace, with strength in its energy and telecom businesses more than offsetting pressure in retail, analysts said.
Jefferies said O2C "hit the bullseye", with record crude processing, nimble sourcing and a shift toward higher-value fuel exports helping Reliance capitalize on a favourable refining environment.
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Reuters
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