The energy giant said net profit rose 14.1 percent to 53.76 billion rupees ($1.2 billion) for the three months ended March, from 47.10 billion rupees a year ago.
Turnover jumped 26 percent to 726 billion rupees.
Reliance shares rose 1.39 percent or 14.25 rupees to 1,039.95 at the Mumbai Stock Exchange on Thursday, prior to the earnings announcement.
Analysts expected to see Reliance's quarterly profit rise to 55 billion rupees but weaker refining margins hit its performance.
Reliance's gross refining margins (GRMs) rose 22 percent to $9.2 a barrel for the quarter, against analysts' expectations of over $10 a barrel.
Margins were impacted due to a planned shutdown of a unit at its Jamnagar refinery in the western Indian state of Gujarat, analysts said.
Reliance operates the world's largest oil processing complex in Jamnagar, where two adjacent refineries have a combined capacity to process 1.24 million barrels of oil a day.
Analysts have been concerned in recent months about Reliance's ability to improve gas production from its oil blocks off India's east coast.
The company produces about 53 million standard cubic metres (mscmd) per day at its D6 block off India's east coast, less than the 60 mscmd levels it produced last year.
Earlier this year, Reliance Industries announced a large investment deal with British energy giant BP, which could be worth up to $20 billion and would hand the Indian firm the skills to develop hard-to-exploit oil reserves.
BP will pay $7.2 billion (5.3 billion euros) to Reliance for a 30 percent stake in 23 Indian oil and gas blocks.
Reliance, which is controlled by India's richest man Mukesh Ambani, has been on the lookout for foreign takeovers as it seeks to expand outside India, where 97 percent of its assets are based.
The petrochemical giant has built up a war chest for acquisitions, generating two billion dollars through stock sales in 2009, and has cash reserves of over 423 billion rupees ($9.5 billion).
For the full year ended March, Reliance's net profit rose 25 percent to 202.86 billion rupees (4.5 billion dollars) while turnover rose 29 percent to 2.56 trillion rupees.
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