India’s Reliance reports higher profit on one-time gain from BP deal

Reliance Industries Ltd on Thursday posted a 31% jump in June-quarter profit, as the conglomerate booked a one-time gain of 49.66 billion rupees ($663 million) on an investment by British oil major BP in its fuel marketing business.

Reliance, led by Asia’s richest man Mukesh Ambani, said consolidated profit rose to 132.33 billion rupees ($1.77 billion) in the three months to June 30, from 101.04 billion rupees a year earlier.

Revenue from operations fell to 912.38 billion rupees, from 1.62 trillion rupees.

Source: Hindustan Times



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