Shares of Reliance Industries climbed as much as 5% in early trade on Friday, after the country's most valuable company topped quarterly profit estimates on strong demand in its retail and telecom units.

Reliance Industries Ltd on Thursday (January 16) reported a 7.4% rise in its December quarter net profit, as its retail business rebounded and telecom earnings rose.

While official numbers are not available, RCPL closed FY24 with revenues of around ₹3,000 crore, according to people familiar with the company’s plans

Reliance Industries on Thursday reported a better-than-expected third-quarter profit, helped by strong performance across its energy, retail and digital services segments.

In the December quarter, Reliance Retail's total number of transactions also went up almost 11 per cent to 35.5 crore from 32 crore a year earlier.

Reliance Industries Ltd on Thursday reported a 7.4 per cent rise in its December quarter net profit as retail business rebounded, telecom earnings surged on higher tariffs and mainstay oil and petrochemicals business delivered consistent performance.

Reliance Industries reported a better-than-expected third-quarter profit on Thursday, helped by strong demand in its retail segment, and as higher telecom tariffs and a rise in 5G subscribers boosted the telecom unit.