Reliance Industries Reported Strong Earnings for the Past Three Months

Reliance Industries (RIL) has reported strong earnings for the past three months. The net profit of India’s biggest private corporation has more than tripled in the last eight quarters taking its net profit to $2.8 billion.

The overall performance of the company saw a boost with a strong performance in retail, oil and digital business. The chairman and managing director at RIL, Mukesh Ambani has said that the retail business activity has normalised with strong growth in the key consumption basket on the back of the festive season.

The oil and gas business of RIL has seen the highest growth by 55% with the ramp-up gas production from Krishna Godavari Dhirubhai 6. Analysts have also expected stronger revenue growth for the company led by strong refining, oil and gas business. The stock is also expected to gain in these segments.

According to a report of JP Morgan, higher oil prices, expectations of a refining margin recovery, and ramp-up of JioMart should continue to support the stock.