India’s Reliance quarterly profit falls as expenses weigh

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FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar
FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave

July 23, 2021

BENGALURU (Reuters) -Indian oil-to-telecom conglomerate Reliance Industries Ltd posted a 7.2% fall in first-quarter profit on Friday, hurt by a surge in expenses.

The company, led by billionaire Mukesh Ambani, said consolidated profit fell to 122.73 billion rupees ($1.65 billion) in the quarter ended June 30, from 132.33 billion rupees a year earlier.

Total expenses surged 50% to 1.31 trillion rupees as tax expenses soared to 34.64 billion rupees.

Revenue at the company’s telecom unit Jio rose 8.6%, while the retail business reported a 19% rise in revenue.

The oil-to-chemicals business, home to both the company’s refining and petrochemicals operations, posted a more than 70% jump in revenue.

Total revenue at India’s most valuable company rose 58% to 1.44 trillion rupees.

The company’s year-ago results had benefited from a one-time gain on its investment in British oil major BP.

($1 = 74.4560 Indian rupees)

(Reporting by Chris Thomas and Tanvi Mehta in Bengaluru; Editing by Aditya Soni)