Reliance Industries silenced its doubters to post a 43 per cent jump in net profit to Rs 13,680 crore in the second quarter of the fiscal against Rs 9,567 crore a year ago, much ahead of analyst estimates of profits of around Rs 12,500 crore.
The oil-to-telecom (O2C) and the retail businesses drove profit growth even as telecom reported lower net subscriber additions.
Reliance’s topline at over Rs 1.74 lakh crore for the quarter also beat estimates.
Concerns have been raised among analysts over the steep valuation of the Reliance stock. The scrip was a laggard over the past few trading sessions after outperforming the broader indices this year.
