Mumbai, July 18 -- Reliance Industries Ltd, India's most valuable company, beat estimates to post a sharp growth in revenue and profit for the April-June quarter, on the back of better earnings from telecommunications and retail even as weakness persisted in its crude-based businesses.

A significant one-time gain from its divestment from Asian Paints also padded up the bottomline.

Commissioning of manufacturing plants in Reliance's new energy business-on which hinges its growth over the next decade-is progressing rapidly, as per an investor presentation.

Reliance did not disclose timelines for the new energy business, which will have an end-to-end renewable ecosystem, from making solar modules to generating clean electricity from these...