Ambani’s RIL flags economic pain as virus devastates India
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Last Updated: May 01, 2021, 09:37 AM IST
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Reliance Industries Ltd., India’s largest company by market value and one that’s considered a bellwether for the broader economy, said it hasn’t escaped a devastating new wave of the coronavirus and warned of more pain unless the surge is quickly curbed.
Reliance, whose earnings missed analysts estimates for the March quarter, has signaled more pain in the days ahead unless the virus wave peaks out soon.
By P R Sanjai and Dhwani Pandya
Reliance Industries Ltd., India’s largest company by market value and one that’s considered a bellwether for the broader economy, said it hasn’t escaped a devastating new wave of the coronavirus and warned of more pain unless the surge is quickly curbed.
Mukesh Ambani flags economic pain in his books as virus devastates India
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Mukesh Ambani flags economic pain in his books as virus devastates IndiaBy P R Sanjai and Dhwani Pandya, Bloomberg
Last Updated: May 01, 2021, 08:07 AM IST
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Synopsis
The disclosure underscores the impact India’s deep humanitarian and health care crisis is having on its citizens billionaires or not either through desperate pleas on social media for oxygen or via the earnings of large conglomerates.
Reuters
Reliance Industries Ltd., India’s largest company by market value and one that’s considered a bellwether for the broader economy, said it hasn’t escaped a devastating new wave of the coronavirus and warned of more pain unless the surge is quickly curbed.
Reliance Retail’s net profit rises by 45 per cent in Q4 of FY21
May 01, 2021
Apparel & Footwear business delivers strong quarter of double-digit growth
Amid the second wave of the Covid-19 pandemic, Mukesh Ambani-led Reliance Retail’s net profit for the fourth quarter was up by 45 per cent at Rs 2,247 crore.
The company’s revenues rose to Rs 46,099 crore in the Q4 of FY21 from Rs 38,242 in the same period last year. Despite the pandemic, the company added 1,456 stores opened during the year, and 12,711 physical stores were operational.
The revenue was at Rs 157,629 crore throughout FY21, lower by 3.3 per cent compared to last year.
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