Reliance Industries reported a March‑quarter profit after tax of Rs206 bn ($2.2 bn), down 9 % from a year earlier. The dip reflects disruptions in Middle‑East supply lines triggered by the US‑Israel‑Iran conflict and the Strait of Hormuz blockade. Despite the hit, the company’s annual earnings rose 17.8 % to Rs957.5 bn after a sharp rebound in Jio Platforms and retail sales overall for investors.

Oil‑driven revenue, which accounts for roughly 40 % of the conglomerate’s profit, faltered as Brent crude rose above $105 a barrel. Reliance pivoted to Russian and Venezuelan crude in March after U.S. sanctions were eased, but the company’s CFO warned that rupee depreciation—down 11 % last year—remains a risk factor for the group’s margins in the short term and long‑term costs today.

Reliance’s Jio Platforms and retail arms are gaining traction, while its telecom subsidiary plans an IPO later this year. Meanwhile, the company’s stake in the Indian Premier League’s media rights—valued at $5.4 bn for the next five years—remains a strategic asset, though it has incurred cumulative losses of up to $2 bn during the cycle. Investors weigh energy volatility against diversification gains.