The oil to telecom conglomerate Reliance Industries on Friday posted consolidated net profit at Rs. 9567 crore, a 15 percent y-o-y decline, for the just ended September quarter of FY21. In the corresponding quarter last year, the firm logged a profit of Rs. 11262 crore.
Refining revenue declined 36%, said Reliance, which runs the world's biggest oil refining unit. Petrochemicals revenue also fell 23%.
In Q1FY21, the company reported profit at Rs. 13,248 crore while adjusted profit came in at Rs. 8380 crore. This is owing to an exceptional income stream to the tune of Rs. 4966 crore from stake sale in Reliance BP Mobility to BP.
"The group's operations and revenue during the quarter were impacted due to Covid-19," RIL said in a release. Besides on the results Mukesh Ambani, Chairman and Managing Director, Reliance Industries said: "We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in digital services business. Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products."
"With large capital raise in the last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity," he added.
Reliance Jio Profit Zooms 185 percent YoY To Rs. 2844 Crore
Consolidated profit for Jio came in at Rs. 2844 crore, a nearly 13 percent jump sequentially and 185 percent year on year growth. In the previous quarter, the telco company posted profit figure of Rs. 2520 crore.The company's revenue during the review period stood higher than estimates at Rs. 17481 crore, an increase of 33 percent.
Average revenue per user (Arpu) increased to Rs 145 per subscriber per month from Rs 140.30 in the previous quarter.
Reliance Retail revenue rises 30% QoQ
Revenue from operations increased 29.7 per cent QoQ to Rs 36,566 crore. On a year-on-year basis, the revenue stood pat even as store operations remained restricted due to Covid 19 led curbs and lower footfalls. The EBITDA at the firm also jumped 85.90% quarter on quater to Rs. 2006 crore.
In calendar year 2020, the stock of RIL has yielded positive returns on a year to date basis of 34 percent. Ahead of its results, the stock of RIL ended higher by 1.37% at Rs. 2054.35 per share on the BSE.