Latest News Today – Reliance Industries Profit More Than Doubles To Rs


Reliance Industries Profit More Than Doubles To Rs 13,227 Crore In March Quarter

Reliance Industries profit for the financial year came in at record Rs 53,739 crore.

The country’s most valuable company – Reliance Industries – on Friday reported that its net profit rose 108 per cent to Rs 13,227 crore in quarter ended March 2021 from Rs 6,348 crore during the corresponding period a year ago. On a sequential basis, Reliance Industries profit rose 1 per cent from Rs 13,101 crore. Its revenue from operations rose 11 per cent to Rs 1.55 lakh crore. The oil-to-telecom giant’s profit for the financial year came in at record Rs 53,739 crore with growth of 34.8 per cent, Reliance Industries said in a press release. (Also Read: Reliance Jio Profit Jumps 47% To Rs 3,508 Crore In March Quarter )

Reliance Industries EBITDA or operating profit for the year was Rs 97,580 crore down 4.6 per cent. Reliance Industries digital arm Reliance Jio’s net profit during the quarter advanced 0.5 per cent to Rs 3,508 crore and operating profit came in at Rs 8,573 crore. Reliance Jio’s average revenue per user (ARPU) fell to Rs 138.2 per subscriber per month as against Rs 151.0 per subscriber per month in the trailing quarter. During the quarter Reliance Jio added 1.54 crore new customers.

Its retail arm – Reliance Retail’s net profit for March quarter jumped 23 per cent to Rs 2,247 crore. The company had 12,711 operational physical stores and opened 826 stores during the quarter, Reliance Industries said in a press release.

“Grocery hit its all-time high revenues with a strong double-digit growth Q-o-Q, as it continued to serve the needs of customers across the country, particularly for essentials post the emergence of the COVID situation,” Reliance Industries added.

Reliance Industries oil-to-chemicals business saw its revenue decline by 29 per cent on account of lower volumes and price realization across key products. Sharp demand contraction in the first half of the year impacted growth for the year. The product price realization was lower in line with decline in average crude and feedstock prices, Reliance Industries said.

“These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the COVID crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic. Our facilities in Jamnagar are producing lifesaving medical grade oxygen, which is the crucial need of the hour in many states. We have also taken urgent steps to bolster the nation’s capacity to swiftly transport medical oxygen. These efforts complement our other initiatives such as distributing free meals to the needy, supplying PPEs to frontline workers and setting up world class COVID-care facilities. To me, these contributions are far more satisfying than our Company’s strong, overall operational and financial performance for the year,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries said in a statement.

Reliance Industries shares ended 1.42 per cent lower at Rs 1,994 ahead of its earnings announcement.


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