MUMBAI: Profits at Indian conglomerate Reliance Industries dropped sharply between April and June this year, the company said Friday, as Asia’s third-largest economy battled a vicious second wave of Covid-19.
The oil-to-telecoms giant, which is owned by Asia’s richest man Mukesh Ambani, reported a consolidated net profit of 122.73 billion rupees ($1.65 billion) in the quarter ending June 30, a 7.25 percent fall compared to the same period last year, reports AFP.
“COVID-related restrictions on store operations during the quarter impacted our retail business operations and profitability. This is a temporary phenomenon,” Ambani said in a statement.
“I am happy that our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic,” he added.
Its telecom business Jio added 14.3 million subscribers during the quarter, recording a nearly 10-percent increase in operating revenue.
Ambani is locked in a high-stakes battle with Jeff Bezos, the world’s richest man, as Amazon and Reliance fight for a share of India’s massive e-commerce market.
The two firms are currently engaged in a row over Ambani’s acquisition of domestic retail giant Future Group—which Amazon has sought to delay, with a Singapore-based arbitration panel asking Reliance to halt the deal.
The behemoth has also sought to limit its dependence on its core fossil fuel business, unveiling a $10 billion plan to invest in renewable energy last month.