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Monday, May 10, 2021

RIL Q4 net more than doubles on O2C, retail, digital

Reliance Industries Ltd (RIL) on Friday reported a consolidated net profit of Rs 13,227 crore for the quarter ended March 2021, up 108 per cent from Rs 6,348 crore logged in the corresponding quarter of last year.

By: ENS Economic Bureau | Mumbai |
May 1, 2021 1:36:28 am
RIL chairman and MD Mukesh Ambani.

Reliance Industries Ltd (RIL) on Friday reported a consolidated net profit of Rs 13,227 crore for the quarter ended March 2021, up 108 per cent from Rs 6,348 crore logged in the corresponding quarter of last year.

The company’s board declared a dividend of Rs 7 per share for the financial year 2020-21. RIL’s revenue from operations rose 11 per cent to Rs 1.54 lakh crore as compared to Rs 1.39 lakh crore in the year-ago period.

RIL said revenue from operations of Jio Platforms was Rs 18,278 crore as against Rs 15,373 crore in the year-ago quarter, a rise of 18.9 per cent. Jio Platforms clocked a net profit of Rs 3,508 crore for the quarter under review, up by 47 per cent as against Rs 2,379 crore in the year-ago period.

The consolidated revenues of the company’s retail business (Reliance Retail) were at Rs 47,064 crore for the quarter under review, a rise of 24.4 per cent. Retail net profit rose 22.8 per cent to Rs 2,247 crore.

During the quarter, Jio posted a strong customer gross addition at 31.2 million (a net addition of 15.4 million) with improved traction across mobility and homes. Gross subscriber addition was 99.3 million during FY21 despite Covid-related challenges.

RIL chairman and MD Mukesh Ambani 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 registered robust recovery in the O2C and retail segment, and resilient growth in the digital services business. Sustained high utilisation rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth. Our consumer businesses have proved to be a digital and physical lifeline for the nation in these challenging times,” Ambani said.

He said Jio’s high-speed connectivity services enabled millions of Indians work from home, study from home and even receive healthcare from home. Reliance Retail ensured safe supplies of essential goods and services to customer homes. “And while Covid-19 has disrupted livelihoods, we have added nearly 75,000 jobs to the economy, while ensuring the health and safety of our employees and their families,” he added.

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