Skip to content
Search

Latest Stories

Reliance Industries September quarter profit climbs 18.3 per cent

INDIAN conglomerate Reliance Industries on Friday (19) reported an 18.3 per cent rise in consolidated net profit due to a better-than-expected refining margin and growth in its consumer-facing business.

The Mumbai-based company owned by Asia's richest man Mukesh Ambani said its consolidated net profit for the three months through September rose to Rs 113 billion (£1.22bn) from Rs 95bn reported for the same quarter a year earlier.


"The company has reported record net profit for the quarter. These excellent results reflect benefits of our integrated oil to chemicals value chain and the rapid scale-up of our consumer businesses," Reliance chairman Mukesh Ambani said in a statement.

Reliance said its gross refining margin, the profit earned from each barrel of crude, was up at $9.4 in the September quarter from $8.1 in the previous quarter.

Refining margins are a key profitability gauge for the company, which operates the world's biggest refining complex in Gujarat state.

The oil-to-telecoms giant said profits for its telecom arm Jio were up by 45.4 per cent at Rs 9.90bn for the quarter, with a total 355.2 million subscribers.

Ambani launched Reliance Jio with much fanfare in September 2016 offering free services up to March 2017, sparking intense price wars that saw consolidation in the Indian telecom sector.

"Jio today has the highest market share in terms of 4G subscriber base and 4G data traffic in India," Ambani said.

Reliance resumed crude imports from crisis-hit Venezuela earlier this week, using diesel exports to pay for them under a barter system that complied with US sanctions.

It was forced to cap crude imports from the South American country in March following pressure from the US.

Reliance became India's first company to reach a market capitalisation of Rs 9 trillion as the markets surged earlier Friday.

In September, Ambani launched a broadband service JioFiber, offering a minimum internet speed of 100 megabits per second (Mbps) from Rs 699 ($9.80) per month.

Ambani is also currently engaged in fierce competition with Amazon and Walmart in an ongoing race to dominate India's e-commerce market.

Shares of Reliance Industries were up 1.37 per cent in Mumbai as the markets closed Friday ahead of the announcement.

(AFP)

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less