July 19, 2019 / 1:04 PM / 6 months ago

India's Reliance Industries reports higher June-qtr profit

MUMBAI/BENGALURU, July 19 (Reuters) - Reliance Industries Ltd’s profit rose 6.8%, as growth in the Indian conglomerate’s retail and telecoms businesses helped offset a slowdown at its mainstay oil refining and petrochemical operations.

Net profit climbed to 101.04 billion rupees ($1.47 billion) in the three months ended June 30 from 94.59 billion rupees a year earlier, the country's largest company by market value said here on Friday.

Analysts on average had expected a profit of 96.96 billion rupees, according to Refinitiv data.

Standalone profit, which reflects Reliance’s refining, petrochemicals and oil and gas production businesses, was 90.36 billion rupees.

Revenue from operations grew 21.3% to 1.61 trillion rupees.

Separately, Reliance Industries also said Canada’s Brookfield Asset Management will invest 252.15 billion rupees ($3.66 billion) in a trust that controls Reliance’s telecom tower infrastructure assets. ($1 = 68.8170 Indian rupees) (Reporting by Promit Mukherjee in MUMBAI and Sachin Ravikumar in BENGALURU; Editing by Rashmi Aich)

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