Reliance Industries Ltd, Mukesh Ambani’s oil-to-telecom conglomerate, reported a consolidated net profit of ₹8,109 crore in the September quarter, a 12.5 per cent increase year-on-year, supported by record earnings in the petrochemicals business and high refining margins.

This time, investors also got a picture of where the financials stand for RIL’s trailblazing telecom business, Jio. The wireless subsidiary reported a standalone net loss of ₹270.59 crore in the quarter, but a consolidated operating profit of ₹261 crore. Average revenue per user stood at ₹156.4, the company said in a press note.

In the refining and marketing business, RIL’s mainstay, operating profit rose 10.8 per cent to ₹6,621 crore. The gross refining margin stood at $12 a barrel, a nine-year high, the company said.

Operating profit in the petrochemicals business rose over 45 per cent to ₹4,960 crore, the highest ever for the company, supported by “strong volume growth, higher margins and improved product mix with ethane cracking”. The organised retail business saw operating profit double to ₹334 crore this quarter.

The upstream oil and gas exploration segment continued to record losses as RIL has been tightening its belt in this business while crude oil prices remain suppressed globally. The segment reported an operating loss of ₹272 crore. V Srikanth, Joint CFO, RIL, said the company is open to selling its shale assets in the US if the deals make economic sense.

On Friday, the Reliance Industries stock closed at ₹876.70, up 0.48 per cent, on the BSE.

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