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Ambani’s Reliance Beats Profit Estimate, Plans $2.5 Billion Fund Raising

  • 3Q profit took 18.98-billion-rupee hit from windfall taxes
  • Jio profit jumped 28% from last year, retail Ebitda rose 25%
Mukesh Ambani

Mukesh Ambani

Photographer: Prashanth Vishwanathan/Bloomberg

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Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, posted a larger-than-expected quarterly profit as growth in its consumer units offset the weakness in its traditional petrochemicals business.

Net income fell 15% to 157.9 billion rupees ($1.9 billion) in the quarter ended Dec. 31 but was still higher than the average 156.19 billion rupees estimated in a Bloomberg survey. India’s largest company by market value also secured approval of its board to raise as much as 200 billion rupees via bonds.