BP stake sale, Jio performance boost Reliance Q1 profits by over 30%
NEW DELHI: India’s largest conglomerate—Reliance Industries Ltd (RIL)—announced on Thursday that it has seen an over 30 per cent increase in its first quarter consolidated net profit at Rs 13,248 crore. This 30.6 per cent rise year-on-year has been powered by a stake sale to BP Plc and the group’s newest and most lucrative unit—Reliance Jio Infocomm.
RIL had, during the quarter, received a one-time game of Rs 4,966 crore from the sale of a 49 per cent stake in its fuel retailing venture to BP Plc.
