Reliance Industries profit slips over 7% to Rs 12,273 crore in Q1

NEW DELHI: Oil-to-telecom conglomerate Reliance Industries Ltd posted a 7.25 per cent fall in first-quarter profit on Friday, hurt by higher expenses as retail business got hit by the second wave of Covid-19 infections.
The company, owned by Mukesh Ambani, said consolidated profit fell to Rs 12,273 crore ($1.65 billion) in the quarter ended June 30, from Rs 13,233 crore a year earlier.
Total expenses surged 50 per cent to Rs 1.31 lakh crore as tax expenses soared to Rs 3,464 crore.
The year-ago results had benefited from a one-time gain on the company’s investment in British oil major BP.
RIL’s consolidated revenue from operations stood at Rs 1.44 lakh crore as against Rs 91,238 crore last year.
On the other hand, RIL telecom arm Reliance Jio Infocomm posted a profit of Rs 3,501 crore as against Rs 2,520 crore last year.
RIL’s oil-to-chemicals business rebounded as it posted a more than 70 per cent jump in revenue.
(With inputs from agencies)

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