Reliance Profit Beats as Jio, Retail Offset Refining Blues
- Q2 profit took 40.39-billion-rupee hit from windfall taxes
- Jio profit jumped 28% from last year, retail EBITDA rose 51%
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Reliance Industries Ltd., India’s largest company by market value, posted a quarterly profit that was higher than expected as a robust performance by its retail and telecom units offset the weakness in its traditional energy business.
Net income at the billionaire Mukesh Ambani-led conglomerate fell 0.1% to 136.6 billion rupees ($1.7 billion) for the three months ended Sept. 30, according to an exchange filing Friday. But it beat the average profit of 134.27 billion rupees estimated by a Bloomberg survey of analysts.