Billionaire Mukesh Ambani-led Reliance Industries Ltd’s profit fell 15% in the September quarter as the coronavirus crisis crushed demand at its dominant oil refining and petrochemicals businesses.
Reliance said on Friday consolidated profit slipped to 95.67 billion rupees ($1.29 billion) in the three months to Sept. 30 from 112.62 billion rupees a year earlier. Analysts on average had expected 85.48 billion rupees, Refinitiv data showed.
Refining revenue dipped 36%, said Reliance, which operates the world’s biggest oil refining complex. Petrochemicals revenue fell 23%.
Meanwhile, Reliance’s Jio telecom unit - India’s largest by subscribers - continued to be a bright spot as revenue surged 33%.
Overall, revenue from operations for Reliance slid 24% to 1.16 trillion rupees.