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Bloomberg
Reliance Industries Ltd, controlled by billionaire Mukesh Ambani, posted a 46% increase in quarterly profit but fell short of market expectations as high costs made a dent to the windfall gains from refining business.
Net income at India’s biggest company by market value jumped 46% to 179.6 billion rupees ($2.3 billion) for the three months ended on June 30, according to an exchange filing, but fell short of the average profit of 229.2 billion rupees estimated in a Bloomberg survey of analysts.
The refining-to-retail conglomerate saw a 55% rise in revenue to 2.23 trillion rupees compared to the same period last year. Total costs surged 51% to 1.98 trillion rupees with raw material costs rising 76% during the quarter, the filing said.