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Reliance’s Profit Misses Estimates as High Input Costs Bite

  • Total costs rose 51% while raw material costs surged 76%
  • Group is gearing up to bid for 5G spectrum in a local auction
Mukesh Ambani in 2017.
Mukesh Ambani in 2017.Photographer: Simon Dawson/Bloomberg
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Reliance Industries Ltd., controlled by billionaire Mukesh Ambani, posted a 46% increase in quarterly profit but fell short of market expectations as high costs made a dent to the windfall gains from refining business.

Net income at India’s biggest company by market value jumped 46% to 179.6 billion rupees ($2.3 billion) for the three months ended June 30, according to an exchange filing Friday, but fell short of the average profit of 229.2 billion rupees estimated in a Bloomberg survey of analysts.