Reliance Industries Q3 results: Net profit up 9.3%, misses estimates

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Friday reported a 9.3 per cent year-on-year (Y-o-Y) increase in its consolidated net profit for the quarter ended December 2023. This growth was tempered by weakness in the energy segment, which offset steady profit growth in RIL’s retail and telecom businesses.

Also, Mukesh Ambani, RIL’s chairman and managing director, announced in a press statement that the company’s New Energy Giga complex is slated for commissioning in the second half of 2024.

During the quarter under review, RIL’s net profit rose to Rs 17,265 crore, while its revenue increased 3.9 per cent Y-o-Y to Rs 2.25 trillion.