Retail, telecom drive RIL profit

Reliance Industries on Friday beat Street estimates when it recorded a 6.8 per cent growth in June-quarter net profit as a double-digit growth in its retail and telecom businesses helped to offset its worst oil refining margins in 18 quarters.

Consolidated profit rose to Rs 10,104 crore from Rs 9,459 crore a year ago.

Brokerages such as Motilal Oswal were expecting Reliance to report a profit of around Rs 8,900 crore.

On a sequential basis, however, RIl’s bottomline showed a drop of 2.5 per cent. Standalone profits (excluding organised retail, media and digital services) showed a growth of 2.4 per cent at Rs 9,026 crore.