New Delhi: Industrialist Mukesh Ambani’s Reliance Industries has announced its quarterly results. The quarterly results revealed that the country’s most valuable company Reliance Industries Limited has registered a 5 percent decline in its net profit in the April-June quarter. In the information given to the stock exchange, the company has said that the consolidated net profit this year fell to Rs 15,138 crore, which was Rs 16,011 crore in the same quarter last year. It said that declining refining margins and rising depreciation costs were the main reasons for the decline in profits.
Jio’s profit rises 12 per cent
On the other hand, Reliance Jio’s telecom arm has reported a 12 per cent rise in profit. Reliance Jio Infocomm has revealed that it has earned a net profit of Rs 5,445 crore in the first quarter on a standalone basis. The telecom subsidiary of Reliance Industries recorded a revenue from operations of Rs 26,478 crore, up 10 per cent from Rs 24,042 crore recorded by the company in the same period of the previous fiscal, a regulatory filing said.
Apart from RIL, other companies that announced their Q1 results include Wipro, JSW Steel, BPCL, One 97 Communications, ICICI Lombard General Insurance Company, PVR Inox, BEML, Union Bank of India, Ather Industries, Oberoi Realty, Tejas Network and Patanjali Foods.
