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MUMBAI: Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings Friday that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.

The conglomerate, which is owned by Asia’s richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.

Revenues from operations increased 54 percent year-on-year to 1.91 trillion rupees, aided by both its legacy energy business and newer ventures such as retail.

“I am happy to announce that Reliance has posted (its) best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses,” chairman and managing director Ambani said in a statement following the results.

“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings,” the billionaire added.

Revenues from the oil, gas and petrochemicals business — which accounts for nearly 70 percent of Reliance’s total income — jumped 57 percent year-on-year to 1.31 trillion rupees.

Revenues from Reliance’s retail business hit an all-time high of 577 billion rupees, helped by strong festive sales as the country bounced back from a brutal second wave of Covid-19 infections in early 2021.

Reliance Retail has recently undertaken a slew of strategic investments, including an acquisition of grocery chain Jaisuryas and a $200-million buy in last-mile delivery start-up Dunzo.

Net profit for telecom arm Reliance Jio rose nearly nine percent to 37.95 billion rupees, even as its customer base shrunk by 8.4 million subscribers in the quarter.

Earlier this week, the company said it has pre-paid spectrum licence dues worth more than $4 billion to the government, even as its competitors Vodafone Idea and Bharti Airtel opted to defer payments.

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