Indian conglomerate Reliance Industries on Friday reported a 6.8 percent rise in consolidated net profit despite a slowdown in its oil refining business.
The Mumbai-based company owned by Asia's richest man Mukesh Ambani said its consolidated net profit for the three months through June rose to 101.05 billion rupees ($1.47 billion) from 94.59 billion rupees reported for the same quarter a year earlier.
"Our first-quarter earnings were strong despite weak global macro-economic environment and challenging hydrocarbon market conditions," Ambani said in a statement.He added that growth in the company's retail and telecoms operations helped boost overall revenues."Our digital services business continues to transform the mobility market in India while scaling newer milestones," he said.
---AFP, Mumbai
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