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.
