NEW DELHI (AFP) – Profits in India’s biggest conglomerate Reliance Industries rose 9.3 per cent in the December quarter, company results showed on Friday, with a small decline in its petrochemical business offset by consumer division growth.
Reliance is led by Asia’s richest man Mukesh Ambani and is India’s most valuable company by market capitalisation.
Despite an aggressive expansion into retail, telecoms and green energy, the firm still relies heavily on its traditional oil business to make money.
Net profit was INR172.65 billion (USD2.08 billion) on-year with operating revenue up 3.5 per cent to INR2.27 trillion (USD27.3 billion).
Reliance blamed the topline fall in its oil-to-chemical arm on a decline in benchmark oil prices.
“Planned maintenance and inspection shutdown” also hit profitability, its earnings report said.
