India's Reliance posts end of year profit bump
The Peninsula
Mumbai: Indian conglomerate Reliance Industries posted a 7.38 percent year on year bump in profit for the December quarter on Thursday, helped by a st...
Mumbai: Indian conglomerate Reliance Industries posted a 7.38 percent year-on-year bump in profit for the December quarter on Thursday, helped by a strong show from its consumer-facing divisions.
Led by Asia's richest man Mukesh Ambani, Reliance is India's most valuable company by market cap and has aggressively expanded into retail, telecoms and green energy in recent years.
But it still depends heavily on its traditional oil-to-chemicals vertical, whose recent weakness partly contributed to Reliance reporting three consecutive quarters of profit decline last year.
Reliance broke this streak Thursday with net profit coming in at 185.40 billion rupees ($2.139 billion), slightly above the 183.26 billion rupees average of analyst expectations.
Revenue from operations rose 6.97 percent year-on-year to 2.43 trillion rupees, helped by growth across divisions.
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