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RIL Q3 profit rises 12.55%, Covid eats into revenue

On a quarter-on-quarter basis, the net profit rose 37 per cent from Rs 9,567 crore in the September quarter. The net profit before exceptional item for the December quarter was Rs 15,015 crore, higher by 41.6 per cent, RIL said.

By: ENS Economic Bureau | Mumbai |
January 23, 2021 12:54:05 am
Reliance Industries, RIL profit, Reliance profit, RIL revenue, RIL Q3 profit, economy news, indian express newsFacebook and Google are already partnered with Reliance and own stakes in Jio Platforms (File Photo)

Despite the disturbances caused by the Covid pandemic, Reliance Industries, India’s largest firm by market capitalisation, on Friday reported a 12.55 per cent rise in consolidated net profit at Rs 13,101 crore for the quarter ended December 2020 (Q3), as against Rs 11,640 crore in the same period a year ago.

On a quarter-on-quarter basis, the net profit rose 37 per cent from Rs 9,567 crore in the September quarter. The net profit before exceptional item for the December quarter was Rs 15,015 crore, higher by 41.6 per cent, RIL said.

Consolidated revenue from operations declined 21.1 per cent to Rs 123,997 crore as against Rs 157,165 crore in the year-ago period. “The outbreak of coronavirus pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The group’s operations and revenue during the period were impacted due to Covid-19,” the company said.

For Jio Platforms, RIL’s digital arm, revenue including access revenues for the quarter was Rs 22,858 crore, higher by 5.3 per cent. The net profit for the quarter was Rs 3,489 crore, registering growth of 15.5 per cent. Jio’s total customer base as of December 2020 was 410.8 million, showing a net addition of 5.2 million customers. ARPU (average revenue per user) during the quarter of Rs 151 per subscriber per month as against Rs 145 per subscriber.

The company said Reliance Retail’s revenue for the quarter was Rs 37,845 crore, lower by 7.9 per cent. However, the net profit for the quarter rose to Rs 1,830 crore, a growth of 88.1 per cent.

RIL Chairman and MD Mukesh D. Ambani said: “At a time when the economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute with our impressive performance in the third quarter of FY21. We have delivered strong operational results with a robust revival in O2C and retail segments, and a steady growth in our digital services business.”

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