India's Reliance Industries posted a record net profit on Thursday, helped by strong growth in its retail businesses.
The oil-to-telecoms conglomerate is in the process of making its consumer business as big a revenue contributor as its core energy operations, analysts say.
It plans to take its fashion retail business online to compete in a market dominated by e-commerce giants like Amazon.com Inc and Walmart Inc's Flipkart.
In the fourth quarter, India's biggest publicly listed company by market capitalisation saw revenue from its retail unit jump nearly 52 percent, which in turn drove revenue from operations up 18 percent to 1.42 trillion rupees.
Reliance, once dependent on its industrial businesses, reshaped the Indian telecoms industry when it launched its Jio telecoms unit in 2016, taking on rivals such as Bharti Airtel and Vodafone Idea with its aggressive pricing.
Jio, with more than 300 million subscribers, posted a net profit of 8.40 billion rupees in the quarter, up 64.7 percent from last year.
Net profit for the group rose to 103.62 billion rupees ($1.49 billion) for the quarter ended March, compared with 94.38 billion rupees last year and analysts' estimate of profit of 99.20 billion rupees, according to Refinitiv data.
Standalone profit that accounts for the company's oil and gas business was 85.56 billion rupees. Average gross refining margin came in at $8.2 per barrel for the quarter, outperforming the benchmark Singapore complex margin by $5 per barrel.