India’s Reliance Industries reports best ever quarterly sales in Q3

Indian conglomerate Reliance Industries reported its highest ever quarterly revenue in Q3, with net profit increasing by 41%. The strong performances from its core oil-to-chemicals arm and digital services division contributed to the impressive numbers. Jio Platforms, the conglomerate's digital services arm, saw a successful debut earlier this week and raised over US$3 billion through its initial public offering.

The retail-to-refining giant, led by billionaire Mukesh Ambani, is India's most valuable company by market capitalization. Reliance's revenue for Q3 was 3.62 trillion rupees (US$38 billion), a 27.8% increase year-on-year. Despite the ongoing challenges in the oil sector due to the Middle East conflict, Reliance has managed to diversify its crude imports.

The conglomerate owns the world's largest refinery complex in Gujarat, India. Reliance CEO Mukesh Ambani attributed the strong performance to their ability to optimize feedstock sourcing, product placement, and operations across the value chain. Jio's strong listing has also played a significant role in the company's growth. Launched a decade ago, Jio's wireless service initially disrupted the market with competitive pricing, rapidly gaining customers from rivals like Bharti Airtel and Vodafone.

Today, Jio currently has over 530 million subscribers, with a significant portion of its revenue coming from telecom services, but it has also expanded into digital services and artificial intelligence. Ambani highlighted that Reliance has set multiple global benchmarks, demonstrating the confidence investors have in Jio's solid foundation and strong growth prospects.