RIL Q1: Petchem & Jio connect as earnings beat estimates; focus on clean energy from here on

India's most valuable company Reliance Industries Ltd (RIL) reported earnings for Q1 and despite a 7% drop in profit have beaten the street estimates.

Operating numbers showed resilience during the pandemic with the consolidated operating profit of the company growing 27.6 per cent on-year to a record high of ₹27,550 cr.

The revenue from the main business of oil-to-chemical also saw a significant surge, up 75% on a year-on-year basis.

The telecom vertical with Jio Platforms outperformed estimates on all parameters. Revenues and profit grew 4 per cent each and the platform reported that total users stood at 440 million at the end of June.

The focus from here on though moves to clean energy as RIL chief Mukesh Ambani told shareholders in the earnings release; "I am most excited by the swift start to our new Clean and Green Energy business initiative. We have started investment across all verticals. We are also resolutely implementing our vision of net carbon zero before 2035, which is our highest priority."