The gap between Reliance Industries Ltd’s standalone and consolidated net profit has more than doubled to Rs 22,400 crore in the last couple of years, driven by significant growth in the retail and telecom businesses housed in separate subsidiaries. According to a note by JP Morgan, the gap increased from Rs 8,400 crore in FY20 to Rs 22,400 crore in FY23. The telecom and retail subsidiaries accounted for around 89% of the gap, while 40% of the 335 individual standalone companies/associates/joint ventures reported profits for FY23. The consolidated net profit soared from Rs 39,354 crore in FY20 to Rs 66,702 crore in FY23.
Reliance Industries’ Standalone vs. Consolidated Net Profit Gap More Than Doubles to Rs 22,400 Crore
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