Shares of Reliance Industries (RIL) rose 1% to Rs 2,382.90 on the BSE in intraday trade on Monday after the Mukesh Ambani-owned company reported consolidated results for the January-March 2023 quarter. Net profit exceeded expectations at Rs 19,299 crore (Q4FY23) despite slow revenue growth in the quarter, up 19% year-on-year.

The company reported its highest-ever net profit in the quarter, thanks to lower raw material costs and substantial savings in taxes and fees. It posted a consolidated net profit of Rs 16,203 crore in the fourth quarter of FY22 (Q4FY22).

RIL’s revenue rose 2.7% year-on-year to Rs 2.13 trillion in the March quarter. The company’s raw material expenses fell 7.9% YoY in the fourth quarter.

The company attributed this to lower revenue from its O2C (oil-to-chemicals) business due to a sharp drop in crude oil prices and lower price realizations for downstream products such as transportation fuels and petrochemicals.

The company’s operating margin, or Ebitda margin, rose nearly 300 basis points year-over-year to 18.9% of revenue in Q4FY23, the highest in the past five quarters.