New Delhi: Reliance Industries Limited (RIL) on Friday reported a 6.8 per cent rise in consolidated net profit for the first quarter of the current fiscal as share of consumer businesses of retail and telecom rose sharply.
Net profit in April-June stood at Rs 10,104 crore while consolidated revenue rose to a record Rs 1,72,956 crore.
Consumer businesses, which till last year accounted for a quarter of the company's pre-tax profit, contributed 32 per cent of EDITDA in Q1, the company said.
Retail business EBITDA crossed Rs 2,000 crore while telecom arm Reliance Jio posted a 45.6 per cent jump in profits at Rs 891 crore.
Established operators like Bharti Airtel, Vodafone Idea Ltd are in the midst of a bruising tariff war following the entry of Reliance Jio, backed by India's richest man Mukesh Ambani. Jio's free voice and dirt-cheap data offering have dented the financial metrics of older operators, deepening the impact of regulatory decisions like cut in termination charges, even though the voice and data usage have been growing at a scorching pace....