Reliance Industries Ltd reported a 22.89% drop in consolidated net profit in the the second quarter of 2016, after it fell to Rs 7,206 crore in the quarter ending September 30 from Rs 9,345 crore in the corresponding period last year. Its consolidated revenue in Q2, however, climbed 9.6% year on year to Rs 81,651 crore from Rs 74,490 crore, on the back of good performances in the petrochemicals and refining sectors.

The company's standalone net profit grew to Rs 7,704 crore year on year in the second quarter of 2016, up 17.9% from the Rs 6,534 crore recorded in 2015. Its gross refining margin – the realisation from turning every barrel of crude oil into finished products – fell to $10.1 per barrel from $10.6 barrel a year ago.

Most of RIL's profits and revenue are generated from its oil and petrochemicals segment. It operates the world's largest oil refinery in Gujarat's Jamnagar, which has a refining capacity of 1.24 million barrels of oil per day. However, the company has been spending aggressively to venture into other fields – on September 1, RIL forayed into the telecom sector with the launch of Reliance Jio.

RIL Chairman and Managing Director Mukesh Ambani said: "The company has achieved outstanding second-quarter results with strong refining business performance and record petrochemicals segment earnings...We are delighted and humbled by the enthusiastic adoption of Jio by India. Jio is built to empower every Indian with the power of data."