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Reliance Industries Ltd., led by billionaire Mukesh Ambani, posted a quarterly profit that beat analyst estimates, as gains from its telecom and retail units offset the volatility in its petrochemical business. Shares rose.

Net income at India’s largest company by market value rose 7.4% to 185.4 billion rupees ($2.14 billion) in the three months ended Dec. 31, according to a filing late Thursday, beating the average analysts estimate of 183.26 billion rupees compiled by Bloomberg.

Shares advanced as much as 4.7% — most in more than seven months — on Friday when India markets reopened.

The refining-to-retail conglomerate reported a 6.6% increase in revenue to 2.43 trillion rupees, while total costs climbed 6.3% to 2.19 trillion rupees. Other income rose 8.8% to 42.1 billion rupees.

The oil to chemicals business “showcased its innate resilience” despite a prolonged period of global volatility, Chairman Ambani said in a statement. The retail unit also delivered a “strong” performance as it “ably capitalized on the pick-up in consumption amid festive demand during the quarter.”

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