Reliance net falls 15%; plans to raise Rs 20,000 crore
Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit for the December 2022 quarter as higher finance costs, the new windfall profit tax and depreciation neutralised strong operating performance.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit of Rs 15,792 crore or Rs 23.34 per share, in October-December compares with Rs 18,549 crore, or Rs 28.08 a share, earnings in the same period a year back, according to company’s stock exchange filing.
The firm plans to raise Rs 20,000 crore more to fund expansion across the business – from building Giga factories for a new energy ecosystem to 5G telecom service rollout and retail expansion.
