India’s Reliance first-quarter profit slips 7% By Reuters

July 23, 2021 admin Stock News 0

© Reuters. FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave

(Reuters) – Indian oil-to-telecom conglomerate Reliance Industries Ltd posted a 7.2% fall in first-quarter profit on Friday, hurt by higher expenses.

The company, led by billionaire Mukesh Ambani, said consolidated profit fell to 122.73 billion rupees ($1.65 billion) in the quarter ended June 30, from 132.33 billion rupees a year earlier.

The year-ago results had benefited from a one-time gain on the company’s investment in British oil major BP (NYSE:).

($1 = 74.4580 Indian rupees)

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