Ambani Flags Supply Chain ‘Dislocation’ as Reliance Income Slips

Billionaire Mukesh Ambani flagged the “unprecedented dislocation” unleashed by the US-Iran war after Reliance Industries Ltd.’s quarterly profit slipped but managed to meet analyst expectations due to a strong show by its consumer units.

Net income fell 13% on-year to 169.7 billion rupees ($1.8 billion) for the quarter ended March 31, according to an exchange filing Friday, as its core refining business was roiled by the ongoing conflict in the Persian Gulf. The profit nearly matched the 169.4 billion-rupee average of analyst estimates compiled by Bloomberg.