The company’s consolidated net profit was up 46.3% year-on-year to Rs 17,955 crore, while revenues jumped 55% to Rs 2.23 trillion.
Bloomberg consensus estimate had pegged the profit at Rs 21,615.35 crore and revenues at Rs 2.26 trillion.
RIL’s Ebitda during the quarter was up 62.6% to Rs 37,997 crore, but below consensus estimates of Rs 38,474.05 crore.
Total costs jumped 51% to Rs 1.98 trillion with raw material costs rising 76% during the quarter.
The company said the quarter saw the highest revenue for the O2C (oil-to-chemicals) business in a volatile environment.
“Despite significant challenges posed by the tight crude markets and higher energy and freight costs, the O2C business has delivered its best performance ever. I am also happy with the progress of our consumer platforms,” Mukesh Ambani, chairman and managing director, said in a statement.
The refining and petrochemical division posted its highest ever quarterly revenue, aided by a tight global energy market. The segment reported a 56.7% growth in revenues to `1.6 trillion on the back of strong gross refining margins in the international market.
The operating performance of the segment was strong as operating profit jumped 62.6% to Rs 19,888 crore.
The embargo by the European Union on Russian oil products, higher gas to oil switching, strong travel demand and lower product inventory levels resulted in tight fuel markets, RIL said.
The oil and gas vertical performed strongly with revenues rising 183% to Rs 3,625 crore on the back of higher administered gas prices for the domestic market.
The company said that KG-D6 gas production during the quarter was at 40.6 billion cubic feet against 33.1 billion cubic feet in the year-ago quarter. Average gas price realised by RIL for KG-D6 gas was at $9.72 per mmBtu against $3.62 in the year-ago quarter.
The segment’s operating profit jumped 243.4% to Rs 2,737 crore, largely because of higher volumes and realisations in the quarter.