The Mumbai-based firm owned by Mukesh Ambani, India's wealthiest man, said consolidated net profit for the three months through December climbed to 72.90 billion rupees ($1.1 billion) from 52.56 billion rupees a year earlier.
That marked a rise of 38.70 percent, slightly above the expectations of 17 analysts surveyed by Bloomberg who had predicted a 38 percent rise to 70.1 billion rupees.
Reliance said in a statement that its gross refining margin, the profit earned from each barrel of crude, surged 57.53 percent to $11.5 in the just concluded quarter from $7.3 last year.
Ambani added in the statement that Reliance's "portfolio of world-class refining and petrochemical assets are paying-off handsomely" and helping the company enjoy the "benefits of low crude oil and energy prices".
Despite the strong refining margins Reliance's revenues came under pressure, slipping nearly 24 percent to 733.41 billion rupees ($11.1 billion) from 963.30 billion rupees a year earlier.
Reliance derives most of its earnings from its massive energy operations and is trying to diversify its business. It now owns a supermarket chain and a telecommunications company.
It has already poured billions of dollars into its telecom venture, known as Reliance Jio Infocomm, to buy wireless spectrum and set up infrastructure.
Reliance was due to offer 4G mobile services in India from the end of 2015, but so far has limited its operations to the testing stage. No update on Jio's launch date was provided in Tuesday's statement.
Meanwhile, Reliance's supermarket chain added 186 stores across India to take the total to 3,043, the company said.