Mumbai: Reliance Industries Ltd posted a 12 percent year-on-year increase in consolidated net profit to a record high of Rs 21,930 crore for the quarter ended December 31, driven by strong performances in its digital services, retail and oils-to-chemicals businesses.

RIL’s Q3 revenue rose 7.7 percent to Rs 2.67 lakh crore from a year earlier, while EBITDA climbed 7.8 percent to Rs 48,003 crore. EBITDA margin expanded 10 basis points from a year earlier to 18 percent. It widened 1 percentage point from the preceding quarter.

The digital services division led the charge in the fiscal third quarter, with EBITDA surging 17 percent to Rs 16,640 crore, driven by a higher average revenue per user (ARPU) of Rs 203.3. Jio continued its aggressive 5G expansion, with 170 million True5G subscribers now contributing 40 percent of the company’s wireless traffic.

“Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics. This was well supported by a favorable subscriber mix, with an increasing number of users upgrading to 5G networks,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd.

With gains from tariff hikes in its wireless business expected in the coming months, RIL is expected to sustain growth momentum.