Reliance said on Friday its consolidated profit rose to 131.01 billion rupees ($1.79 billion) in the quarter ended Dec. 31 from 116.40 billion rupees a year earlier.
Analysts on average had expected a profit of 110.09 billion rupees, according to IBES data from Refinitiv.
The country's drug regulator on Sunday gave emergency use approval to two coronavirus vaccines - one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.
Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with US-based private equity firm Silver Lake Partners pumping 75 billion rupees for 1.6% of the venture.