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Reliance Industries posts record quarterly profit on services growth

Telecom and retail surge offset decline in oil refining margins

Reliance Industries' Jio wireless unit has shaken up India's mobile telephone market with its low-price strategy.   © Reuters

MUMBAI (NewsRise) -- Billionaire Mukesh Ambani's Reliance Industries reported a record quarterly profit as surging revenue from wireless and retail ventures helped the oil-to-telecoms giant offset weak margins at the core energy and gas business.

Reliance's net profit for the quarter ended in December grew 8.8% to 102.51 billion rupees ($1.4 billion), beating analysts' expectations of 96.48 billion rupees, according to Refinitiv data. Revenue surged 56% to 1.71 trillion rupees, the company said in a statement on Thursday.

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