Reliance's first quarter profit doubled due to rebound in petrochemical industry

China Petrochemical News Net, according to ICIS-MRC website May 25th Moscow report, according to Reuters report, India's Reliance Industries (Reliance Industries) said that due to the rebound in petrochemical and retail business, its quarterly profit has doubled, but due to costs It rose by 10%, failing to meet analyst expectations.

The oil-telecommunications group led by billionaire Mukesh Ambani said that in the three months ended March 31, the group’s consolidated profit increased by 108% to 132.

Reliance’s petrochemical division is the headquarters of its refining and petrochemical business, and its first quarter revenue increased by 4.

In recent years, Reliance has established leading businesses in the telecommunications and retail sectors to achieve business diversification and no longer rely on its main energy sector.

Hao Fen translated from ICIS-MRC

The original text is as follows:

Reliance profit doubles due to petrochemicals rebound

India's Reliance Industries (RIL) said its quarterly profit doubled, led by a rebound in its petrochemicals and retail businesses, but fell short of analysts' estimates as costs jumped 10%, reported Reuters.

The oil-to-telecoms conglomerate, led by billionaire Mukesh Ambani, said consolidated profit climbed 108% to 132.

Revenue at Reliance's oil-to-chemicals unit-home to both its refining and petrochemicals operations-rose 4.

　　Reliance has built leading businesses in telecom and retail in recent years to diversify away from its mainstay energy arm, which has been recovering slowly from a coronavirus-driven slump in demand.