RIL Q2 takeaways: Petchem, Jio outperform; but GRM disappoints

NEW DELHI: Reliance Industries, the biggest conglomerate in India, beat analysts’ estimates in September quarter earnings, with some segments performing brilliantly, but a close inspection reveals some areas of weakness.

Telecom was the outperforming segment and it saw exceptional growth during the quarter led by increased usage of telephony. The media business also improved performance. Retail remained resilient, by company’s own admission, but still felt the impact of the pandemic.

Petrochemical, refining and oil & gas business also performed handsomely, but showed some chinks in the armour as gross refining margin shrank, as did margins for many petrochemical products. These businesses, historically, have been the cash cow for the company.