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RIL profits decline in Q2; Jio net rises 187%

The net profit (attributable to the owners of the company) fell 15 per cent to Rs 9,567 crore in the quarter from Rs 11,262 crore last year.

By: ENS Economic Bureau | Mumbai | October 31, 2020 12:54:28 am
The net profit of RIL’s digital arm Reliance Jio Infocomm rose 187 per cent to Rs 2,844 crore in the quarter under review from Rs 990 crore a year ago. (File)

With the Covid pandemic impacting its operations, Reliance Industries Ltd (RIL) on Friday reported a 6.60 per cent decline in net profit at Rs 10,602 crore for the quarter ended September 2020, as against Rs 11,352 crore in the same period of last year.

The net profit (attributable to the owners of the company) fell 15 per cent to Rs 9,567 crore in the quarter from Rs 11,262 crore last year. Revenue from operations fell 22.29 per cent to Rs 128,385 crore from Rs 165,228 crore a year ago.

The net profit of RIL’s digital arm Reliance Jio Infocomm rose 187 per cent to Rs 2,844 crore in the quarter under review from Rs 990 crore a year ago.

In the retail segment, revenue from operations in Q2 FY21 rose 29.7 per cent on a quarter-on- quarter (q-o-q) basis to Rs 36,566 crore, the company said. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter increased 85.9 per cent q-o-q to Rs 2,006 crore. In the refining and marketing segment, EBITDA for Q2 fell by 21.4 per cent on q-o-q basis to Rs 3,002 crore.

Mukesh Ambani, chairman and MD, RIL, 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.”

RIL said the outbreak of coronavirus (Covid-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The group’s operations and revenue during the quarter were impacted due to Covid-19.

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