* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, August 16, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘The Rainmaker’ Premiere: Milo Callaghan Breaks Down Rudy Baylor’s ‘Misguided Valor’ – The Laconia Daily Sun

    Inside ‘The Rainmaker’ Premiere: Milo Callaghan Uncovers the Real Story Behind Rudy Baylor’s Misguided Valor

    Suicide Squad Member Gets New Origin in Absolute Flash – yahoo.com

    Suicide Squad Member Unveiled with Exciting New Origin in Absolute Flash

    I’ll miss the chaos of ‘And Just like That…’ (and Che Diaz too) – yahoo.com

    Why I’ll Truly Miss the Wild Ride of ‘And Just Like That…’ (and Che Diaz!)

    Webtoon Entertainment Stages Recovery With Disney’s Stamp of Approval – The Wall Street Journal

    Webtoon Entertainment Soars to New Heights with Disney’s Stamp of Approval

    Georgia Tech Launches Arts, Entertainment, and Creative Technologies Degree – Georgia Tech News Center

    Georgia Tech Unveils Exciting New Degree in Arts, Entertainment, and Creative Technologies

    John Davison departs from IGN Entertainment – GamesIndustry.biz

    John Davison Steps Down from IGN Entertainment Leadership

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Youxin Technology Ltd Faces Nasdaq Deficiency Notices Over Listing Compliance Issues

    Vermont famers say new technology is changing the state’s agriculture industry – News Channel 3-12

    Vermont Farmers Embrace New Technology Transforming the State’s Agriculture Industry

    Verb Technology Reports Revenue Growth Amidst Strategic Expansions – TipRanks

    Verb Technology Soars with Impressive Revenue Growth Driven by Strategic Expansions

    Midwest Technology Summit held in Fargo – WDAY Radio

    Midwest Technology Summit held in Fargo – WDAY Radio

    K1 Semiconductor Joins Chicago Quantum Exchange To Advance Wafer Technology. – Quantum Zeitgeist

    K1 Semiconductor Partners with Chicago Quantum Exchange to Revolutionize Wafer Technology

    Indirect tax transformation: Navigating change, embracing technology – Thomson Reuters tax and accounting

    Revolutionizing Indirect Tax: Embracing Technology to Navigate Change

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘The Rainmaker’ Premiere: Milo Callaghan Breaks Down Rudy Baylor’s ‘Misguided Valor’ – The Laconia Daily Sun

    Inside ‘The Rainmaker’ Premiere: Milo Callaghan Uncovers the Real Story Behind Rudy Baylor’s Misguided Valor

    Suicide Squad Member Gets New Origin in Absolute Flash – yahoo.com

    Suicide Squad Member Unveiled with Exciting New Origin in Absolute Flash

    I’ll miss the chaos of ‘And Just like That…’ (and Che Diaz too) – yahoo.com

    Why I’ll Truly Miss the Wild Ride of ‘And Just Like That…’ (and Che Diaz!)

    Webtoon Entertainment Stages Recovery With Disney’s Stamp of Approval – The Wall Street Journal

    Webtoon Entertainment Soars to New Heights with Disney’s Stamp of Approval

    Georgia Tech Launches Arts, Entertainment, and Creative Technologies Degree – Georgia Tech News Center

    Georgia Tech Unveils Exciting New Degree in Arts, Entertainment, and Creative Technologies

    John Davison departs from IGN Entertainment – GamesIndustry.biz

    John Davison Steps Down from IGN Entertainment Leadership

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Youxin Technology Ltd Faces Nasdaq Deficiency Notices Over Listing Compliance Issues

    Vermont famers say new technology is changing the state’s agriculture industry – News Channel 3-12

    Vermont Farmers Embrace New Technology Transforming the State’s Agriculture Industry

    Verb Technology Reports Revenue Growth Amidst Strategic Expansions – TipRanks

    Verb Technology Soars with Impressive Revenue Growth Driven by Strategic Expansions

    Midwest Technology Summit held in Fargo – WDAY Radio

    Midwest Technology Summit held in Fargo – WDAY Radio

    K1 Semiconductor Joins Chicago Quantum Exchange To Advance Wafer Technology. – Quantum Zeitgeist

    K1 Semiconductor Partners with Chicago Quantum Exchange to Revolutionize Wafer Technology

    Indirect tax transformation: Navigating change, embracing technology – Thomson Reuters tax and accounting

    Revolutionizing Indirect Tax: Embracing Technology to Navigate Change

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Billionaire Ambani’s Reliance Misses Estimates on Cheaper Crude, High Finance Costs

October 27, 2023
in Business
Billionaire Ambani’s Reliance Misses Estimates on Cheaper Crude, High Finance Costs
Share on FacebookShare on Twitter

Reliance Industries Ltd., led by billionaire Mukesh Ambani, posted a lower-than-expected quarterly profit as the petrochemical margins dragged and finance costs jumped.

Author of the article:

Bloomberg News

Bloomberg News

P R Sanjai and Rakesh Sharma

Published Oct 27, 2023  •  3 minute read

The sales room of a Reliance Industries Ltd. gas station near the company's oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. The Indian city of Jamnagar is a money-making machine for Asia's richest man, Mukesh Ambani, processing crude oil into fuel, plastics and chemicals at the world's biggest oil refining complex that can produce 1.4 million barrels of petroleum a day.The sales room of a Reliance Industries Ltd. gas station near the company’s oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. The Indian city of Jamnagar is a money-making machine for Asia’s richest man, Mukesh Ambani, processing crude oil into fuel, plastics and chemicals at the world’s biggest oil refining complex that can produce 1.4 million barrels of petroleum a day. Photo by Dhiraj Singh /Bloomberg

(Bloomberg) — Reliance Industries Ltd., led by billionaire Mukesh Ambani, posted a lower-than-expected quarterly profit as the petrochemical margins dragged and finance costs jumped. 

Net income at India’s largest company by market value climbed 27% to 173.9 billion rupees ($2.1 billion) for the quarter through September compared with the same period last year, according to an exchange filing on Friday. That fell short of the average 178.51 billion rupees profit estimated by a Bloomberg survey of analysts. 

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

Financial Post

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.Daily content from Financial Times, the world’s leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.Daily content from Financial Times, the world’s leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.

Article content

Article content

The Mumbai-based company reported a 1.3% rise in revenue to 2.35 trillion rupees, topping estimates. Total costs slipped 1.4% to 2.12 trillion rupees, but finance costs surged 26% “primarily due to higher interest rates and currency depreciation,” the company said in the filing.

“Weak global demand and supply-overhang continued to impact downstream margins,” Ambani said in a statement. The muted earnings point to the headwinds as Asia’s richest person expands Reliance’s existing businesses, such as 5G services in telecom, as well as pivots to newer ones such as green energy and financial services.

Key Insights

While strong festive shopping bolstered the Reliance’s retail operations, a 14% reduction in crude oil prices led to lower price realization for its refinery products reducing the revenue for oil-to-chemicals segment.Ambani is currently steering his energy-to-entertainment conglomerate through a leadership transition as well as rapid diversification into new sectors. His children — Akash, Isha and Anant — were appointed on Reliance’s board in August this year after overseeing the digital, retail and energy businesses respectively for the past couple of years.Jio Financial Services Ltd., the newly spun-off finance unit which was listed in August, saw quarterly profit doubling in its first set of earnings earlier this month. The upstart, which plans to offer a full suite of services including asset management, insurance and loans, may help Ambani disrupt the local finance sector much like he did with the retail, telecom and refining businesses. But it may not be that easy.Reliance Retail returned to fund-raising after three years and sold stakes worth almost $1.9 billion to Qatar Investment Authority, KKR & Co. and UAE’s ADIA since August, as investors bet on robust consumer demand in the world’s most-populous nation. The most-recent investment valued India’s largest retailer at pre-money equity value of 8.38 trillion rupees, Reliance said in an Oct. 6 filing. Reliance Retail is gearing up for an IPO but has not indicated a timeline.Reliance is also looking to beef up its entertainment heft. It is said to be close to buying Walt Disney Co.’s India operations in a multi-billion dollar deal after scooping up the streaming rights of the coveted Indian Premier League for $2.7 billion last yearFestive demand should boost Reliance’s consumer businesses in the December quarter. Refinery operations may take a hit as some units at its Jamnagar complex undergo a month-long planned shutdown that began in the last week of September.

Advertisement 3

This advertisement has not loaded yet, but your article continues below.

Article content

Market Reaction

Reliance’s shares rose almost 1% in the July-September quarter, lagging the 1.7% advance in the benchmark S&P BSE SensexEarnings were announced after the close of market hours

Get More

Oil-to-chemicals revenue slipped 6.1% y/y to 1.5 trillion rupeesReliance Jio’s net income jumped 12% to 50.6 billion rupeesReliance Jio’s ARPU was at 181.7 rupees per subscriber per month on a total subscriber base of almost 460 million usersReliance Retail posted a quarterly profit of 27.9 billion rupees, up 21% y/yTotal debt was almost flat y/y at 2.96 trillion rupees while cash and cash equivalents fell 12% to 1.78 trillion rupees

—With assistance from Advait Palepu.

(Updates throughout with details and commentary.)

Article content

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Financial Post – https://financialpost.com/pmn/business-pmn/billionaire-ambanis-reliance-misses-estimates-on-cheaper-crude-high-finance-costs

Tags: Ambani’sbillionairebusiness
Previous Post

INVT.AI Brings AI Consulting On-Chain

Next Post

Keep The Scary Moments Off The Roads This Halloween – Plan Ahead For A Sober Ride

Meet the Stunning Winners of the 2025 Ecology, Evolution, and Zoology Image Competition!

August 16, 2025
Topological spin textures: Scientists use micro-structured materials to control light propagation – Phys.org

Harnessing Topological Spin Textures: How Micro-Structured Materials Revolutionize Light Control

August 16, 2025
UCLA Computer Science Alumna and Taboola Executive Helps Lead Global AI Efforts to Empower Digital Media – UCLA Samueli School of Engineering

UCLA Computer Science Alumna and Taboola Executive Leading Global AI Innovation to Revolutionize Digital Media

August 16, 2025
The Future Of Cannabis: A Lifestyle Product Mirroring Wine’s Evolution – Harlem World Magazine

The Future Of Cannabis: A Lifestyle Product Mirroring Wine’s Evolution – Harlem World Magazine

August 16, 2025

Youxin Technology Ltd Faces Nasdaq Deficiency Notices Over Listing Compliance Issues

August 16, 2025
Good Sports: Valley students picked to work on USC’s turf ahead of season opener – ABC30 Fresno

Valley Students Rally to Ready USC’s Turf for Season Opener

August 16, 2025
Box, run, crash: China’s humanoid robot games show advances and limitations – The Guardian

Box, Run, Crash: Inside China’s Humanoid Robot Games Revealing Stunning Progress and Surprising Challenges

August 16, 2025
Customers look set to bear the tariff cost burden – Axios

Rising Tariff Costs: How They Impact Your Wallet and What You Can Do

August 16, 2025
‘The Rainmaker’ Premiere: Milo Callaghan Breaks Down Rudy Baylor’s ‘Misguided Valor’ – The Laconia Daily Sun

Inside ‘The Rainmaker’ Premiere: Milo Callaghan Uncovers the Real Story Behind Rudy Baylor’s Misguided Valor

August 16, 2025
NC state employee and teacher reps say health insurance increases will hurt worker retention – NC Newsline

Rising Health Insurance Costs Jeopardize Retention of State Employees and Teachers

August 16, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (774)
  • Economy (796)
  • Entertainment (21,673)
  • General (16,500)
  • Health (9,834)
  • Lifestyle (807)
  • News (22,149)
  • People (798)
  • Politics (803)
  • Science (16,009)
  • Sports (21,294)
  • Technology (15,776)
  • World (778)

Recent News

Meet the Stunning Winners of the 2025 Ecology, Evolution, and Zoology Image Competition!

August 16, 2025
Topological spin textures: Scientists use micro-structured materials to control light propagation – Phys.org

Harnessing Topological Spin Textures: How Micro-Structured Materials Revolutionize Light Control

August 16, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version