New Delhi: Oil-to-Telecom Conglomerate Reliance Industries Ltd.
Posted A 7.25 percent falls on first-quarter profit on Friday, injured by higher costs because the retail business was hit by a second wave of Covid-19 infection.
The company, owned by Mukesh Ambani, said the consolidation profit fell to Rs 12,273 Crore ($ 1.65 billion) in the quarter ended June 30, from RS 13,233 Crore a year earlier.
The total cost jumped 50 percent to Rs 1.31 lakh crore because the tax burden surged to Rs 3,464 Crore.
Last year’s results benefited from the one-time increase in company investment in BP Major British oil.
RIL consolidated income from the operation reached Rs 1.44 Lakh Crore by opposing Rs 91,238 Crore last year.
On the other hand, RIL Telecom Arm Reliance Jio Infocomm posted a profit of Rs 3,501 Crore by fighting Rs 2,520 Crore last year.
The oil-to-chemical business ril rebounds when posted more than 70 percent jump in income.
“In our O2c business, we generate strong income through our integrated portfolio and superior product placement capabilities.
Together with our partners BP, we assign satellite clusters in KG D6 and continue to increase production, contribute to 20 percent of gas production in India.
It will be a major contribution to our country’s energy security, “said Chairman RIL and Ambani Managing Director.
(With input from agency)