January 17, 2020 / 1:23 PM / a month ago

Billionaire Ambani's Reliance posts 13.5% rise in profit

MUMBAI/BENGALURU, Jan 17 (Reuters) - Reliance Industries Ltd’s December-quarter profit rose 13.5% year-over-year, led by another strong showing at the Mukesh Ambani-led conglomerate’s retail and telecom units.

Consolidated net profit climbed to 116.40 billion Indian rupees ($1.64 billion) in the three months to Dec. 31, India’s largest company by market value, said.

Revenue from operations fell 2.5% to 1.57 trillion rupees.

Analysts on average had expected a profit of 114.32 billion rupees, according to Refinitiv data. ($1 = 71.0394 Indian rupees) (Reporting by Sachin Ravikumar in BENGLAURU and Promit Mukherjee in MUMBAI; Editing by Sriraj Kalluvila)

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