BENGALURU (Reuters) -Reliance Industries Ltd, India’s most valuable company, on Friday reported a more than 19% jump in fourth-quarter profit, led by the strength in its mainstay energy unit.
Consolidated profit at the Mukesh Ambani-led conglomerate rose to 192.99 billion rupees ($2.35 billion) in the quarter ended March 31, from 162.03 billion rupees a year earlier, it said in an exchange filing.
Earnings before interest, taxes, depreciation and amortization (EBITDA) at the oil-to-chemicals (O2C) business rose over 14% to 162.93 billion rupees, though revenue fell about 12% due to a fall in crude oil prices and lower price realisation on downstream products.
O2C business, which had a great run for two years on higher demand for transportation fuels, was dented by the Indian government’s windfall tax on fuel exports.
However, the impact has started receding with the government gradually lowering taxes since December.
Meanwhile, the telecom unit Reliance Jio’s profit and revenue growth hit a five-quarter low on higher expenses and the absence of tariff hikes.
($1 = 82.0850 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil)
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