The Adani-owned company Reliance Industries Ltd had reported a jump of 46 per cent profit every quarter but as per experts’ expectation. The company’s value rose to Rs 17,955 crore in profit for the last three months from Rs 12,273 crore, and the profit estimation is Rs 22,920, as Bloomberg said.

As per the company, the revenue from operations had surged 55 per cent to Rs 2.23 trillion from Rs 1.44 trillion, and total expenses had surged 51 per cent to Rs 1.98 trillion, led by a 76 per cent increase in the cost of raw materials.

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All conglomerate segments contributed to profit growth, even as a volatile business environment added to challenges. Consumer-oriented businesses continued to show traction, with the retail business benefiting from positive operating leverages. In contrast, the company said that Jio (digital services business) benefited from the tariff hikes taken in the earlier quarters.

Additionally, refining strength boosted the show for the oil-to-chemicals (O2C) business as rising production and realizations meant oil and gas E&P (exploration and production) saw operating profits more than double over the year-ago period. “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This, along with resurgent demand, has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, the O2C business has delivered its best performance ever,” Mukesh Ambani, chairman and managing director of Reliance Industries, said in a statement.