Reliance Industries Q2 Profit Hits Record Rs 29,550 Crore; Stock Rallies Over 7%

New Delhi, Nov 2 (PTI) Shares of Reliance Industries on Monday surged over 7 per cent after the firm posted a record quarterly profit of Rs 29,550 crore for July-September, up 33.8 per cent from a year earlier.

The bellwether stock jumped 7.12 per cent to Rs 1,246.45 on the BSE.

At the NSE, it climbed 6.79 per cent to Rs 1,244.

The company's market valuation went up by Rs 1,00,208.45 crore to Rs 16,74,786.99 crore.

Reliance was the biggest gainer among the Sensex and Nifty firms during early trade, driving the rally in the equity market. The 30-share BSE Sensex jumped 935.82 points to 75,390.02. The 50-share NSE Nifty surged 248.15 points to 23,300.05.

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Reliance Industries Ltd on Friday posted a record quarterly profit of Rs 29,550 crore for July-September, up 33.8 per cent from a year earlier, as its oil-to-chemicals business rode a surge in global fuel margins and growth in its telecom arm offset the relatively subdued performance in retail.

Profit after tax, including share of associates and joint ventures, in the same period last year was Rs 22,092 crore. Net profit attributable to owners of the company was up 40 per cent at Rs 25,548 crore.

Consolidated revenue rose 27.8 per cent to Rs 362,268 crore, and EBITDA climbed 23.9 per cent to a record Rs 62,409 crore.

The latest profit also surpassed the previous quarter's Rs 23,196 crore, making it a record for the country's largest listed company by market capitalisation.

The strong earnings were driven primarily by a sharp recovery in the oil-to-chemicals (O2C) business, where elevated transportation fuel cracks and improved petrochemical margins boosted profitability. Growth in digital services also supported the performance, partly offsetting weaker earnings in retail.

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The oil-to-chemicals (O2C) business, which houses the company's oil refineries and petrochemical units, was the largest driver of growth, with EBITDA up 67.9 per cent to Rs 25,203 crore on revenue of Rs 231,601 crore, up 44.2 per cent.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)