India’s Reliance reports 9.8 per cent jump in profits, Latest Business News - The New Paper

India’s Reliance reports 9.8 per cent jump in profits

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Indian conglomerate Reliance Industries on Thursday reported a 9.8 per cent rise in consolidated net profit boosted by strong revenues from its telecom venture Jio and retail business.

The Mumbai-based company owned by Asia's richest man, Mr Mukesh Ambani, said consolidated net profit for the three months through March rose to 103.62 billion rupees (S$2.02 billion) from 94.38 billion rupees a year earlier for the same quarter.

"Focus on service and customer satisfaction led to higher numbers of subscribers and footfall across our consumer businesses, driving robust revenue growth," Mr Ambani said in a statement.

The company has business investments in refining, retail, telecommunications and petrochemicals.

The company in March was forced to cap its crude imports from sanction-hit Venezuela following pressure from the United States. It had also stopped exporting diluents to the crisis-hit South American country.

Revenues for the period were up by 18 per cent to 1.42 trillion rupees as it reported a spurt in revenues from its retail businesses.

The company also said its telecom venture Jio reported a net profit of 8.40 billion rupees for the quarter because of an increase in its subscriber base to 300 million.

Mr Ambani launched Reliance Jio with much fanfare in September 2016 offering free services up to March 2017, sparking intense fare wars and creating consolidation in the Indian telecom sector. - AFP