Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a flattish net profit for the September quarter after a newly introduced windfall profit tax dented mainstay oil earnings.
The oil-to-retail-to-telecom conglomerate’s consolidated profit of Rs 13,656 crore during July-September – the second quarter of the 2022-23 fiscal year – compared to Rs 13,680 crore in the year-ago period, it said in a stock exchange filing.
The profit fell 24 per cent quarter-on-quarter.
The group’s retail and telecom businesses saved the day with bumper earnings.
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