India's Reliance sees profits drop over underperforming energy division
The Peninsula
Mumbai: Indian billionaire tycoon Mukesh Ambani s Reliance Industries on Friday posted a 5.45 percent drop in earnings for the June quarter as a dip i...
Mumbai: Indian billionaire tycoon Mukesh Ambani's Reliance Industries on Friday posted a 5.45 percent drop in earnings for the June quarter as a dip in its key energy units overshadowed growth in the conglomerate's consumer divisions.
Ambani, Asia's richest man, made global headlines last week after celebrities, politicians and business elites jetted into India's financial capital Mumbai for the wedding of his youngest son.
Reliance is India's most valuable company by market capitalisation and has carried out aggressive expansion into retail, telecoms and green energy.
But the company still relies heavily on its traditional energy business, with chairman Ambani saying the oil-to-chemicals division faced a "challenging operating environment".
"The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries," he said in a statement.