Reliance Industries Net Profit Rises 12.5% To Rs 13,101 Crore In Q3

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12.5 per cent rise in consolidated net profit to Rs 13,101 crore for the quarter ended December, 2020. The net profit was Rs 11,640 crore during the same period a year ago and Rs 9,567 crore in September (2020) quarter.

Consolidated net revenue declined 22 per cent to Rs 1.23 trillion in December quarter compared to Rs 1.57 trillion during the year-ago period, the company said in a filing. The revenue was Rs 1.16 trillion in the September quarter 2020.

Commenting on the results, Reliance Industries chairman MuKesh Ambani said: “At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company’s impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and retail segments, and a steady growth in our Digital Services business. I am proud that Reliance has employed 50,000 more people since March 2020."

The company's digital arm Jio Platforms recorded 15.5 per cent quarter-on-quarter rise in net profit to Rs 3,489 crore during October-December 2020 period. Jio Platforms had posted a net profit of Rs 3,020 crore in the Septmeber (2020) quarter. Jio Platform's revenue stood at Rs 22,858 crore.

Reliance, which operates the world's largest refining complex, said revenue from the oil-to-chemicals division fell nearly 30 per cent during the December quarter from a year ago period. The business houses Reliance's oil refining and petrochemicals operations.

"The Group’s operations and revenue during the period were impacted due to Covid-19. We have taken into account the possible impact of Covid-19 in preparation of the unaudited consolidated financial results, including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of these unaudited consolidated financial results and current indicators of future economic conditions," the company said in a filing.

Shares of Reliance Industries ended 2.4 per cent lower on Friday.

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