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Wednesday, August 05, 2020

Jio, stake sale boost RIL profit by 30.6% in Jun qtr

However, RIL’s revenue declined to Rs 1,00,929 crore in the quarter, compared to Rs 1,74,087 crore a year ago, primarily due to fall in O2C revenues, led by a sharp decline of 57.6 per cent in average Brent crude price.

By: ENS Economic Bureau | Mumbai | Published: July 31, 2020 4:58:36 am
reliance jio, ril, reiance profit, ril profit, indian express Jio’s revenue including access revenues for the quarter rose by 33.7 per cent to Rs 19,513 crore. (Reuters/File)

Aided by higher profits from the digital business and stake sale in fuel retailing business, Reliance Industries Ltd (RIL), India’s largest company in terms of market capitalisation, has reported a 30.6 per cent increase in consolidated net profit (including exceptional items) for the June quarter at Rs 13,248 crore as against Rs 10,141 crore in the same period a year ago.

However, RIL’s revenue declined to Rs 1,00,929 crore in the quarter, compared to Rs 1,74,087 crore a year ago, primarily due to fall in O2C revenues, led by a sharp decline of 57.6 per cent in average Brent crude price.

Reliance Jio, RIL’s digital arm, has posted a net profit of Rs 2,520 crore in the June quarter, a growth of 183 per cent as against Rs 891 crore last year. Jio’s revenue including access revenues for the quarter rose by 33.7 per cent to Rs 19,513 crore.

RIL’s retail arm recorded a net profit of Rs 431 crore for the quarter “despite complete lockdown for a long period of time and only essential services were operational”. Retail revenue for the quarter was Rs 31,633 crore.

The exceptional item of Rs 4,966 crore (net of taxes of Rs 1,508 crore) in the June quarter was due to profit on divestment of stake in domestic fuel retailiHowever, RIL’s revenue declined to Rs 1,00,929 crore in the quarter, compared to Rs 1,74,087 crore a year ago, primarily due to fall in O2C revenues, led by a sharp decline of 57.6 per cent in average Brent crude price.ng business — Reliance BP Mobility Services Ltd.

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