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

Indian conglomerate Reliance Industries announced on Friday that it had achieved its highest quarterly revenue ever, with net profit increasing by 41% in the third quarter. The strong performance was attributed to the core oil-to-chemicals arm and digital services division. This comes just days after Jio Platforms, Reliance's digital services arm, made an impressive debut with an IPO that raised over $3bn in India's largest initial public offering to date.

Led by billionaire Mukesh Ambani, Reliance is India's most valuable company by market capitalisation. The company reported revenue of 3.62tn rupees ($38bn), a 27.8% year-on-year increase, making it its highest quarterly sales figure. Reliance has been aggressively expanding into telecom and green energy businesses over the last decade, but its profits still largely come from its traditional oil business.

The conglomerate owns and operates the world's largest refinery complex in Gujarat, India. Despite challenges in the oil sector due to the ongoing conflict in the Middle East, Reliance has managed to diversify its crude imports. In Ambani's statement, he praised Reliance's ability to optimise feedstock sourcing, product placement, and operations across the value chain to improve margin capture.