Reliance Industries Q1 net rises 6.8%
Richest Indian Mukesh Ambani-led Reliance Industries on Friday posted a 6.8 per cent rise in June quarter net profit as the share of its consumer businesses of retail and telecom
New Delhi: Richest Indian Mukesh Ambani-led Reliance Industries on Friday posted a 6.8 per cent rise in June quarter net profit as the share of its consumer businesses of retail and telecom saw a steady rise to now account for almost a third of its margin, countering the weakness in traditional petrochemical and refining business.
The oil-to-telecom conglomerate reported a net profit of Rs 10,104 crore, or Rs 17.05 per share, in April-June, up from Rs 9,459 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said: "Our first-quarter earnings were strong despite the weak global macroeconomic environment and challenging hydrocarbon market conditions.
Our downstream businesses delivered resilient performance in an environment of slower demand growth and incremental supplies.
The performance reflects the benefits of deep refining and petrochemicals integration, chain economics and feedstock flexibility."
While the profit rose year-on-year, it was lower than the highest ever earning of Rs 10,362 crore in the preceding January-March period.
Standalone net profit of Rs 9,036 crore, up 2.4 per cent over the previous year, was a record.