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Jio net profit growth at 44.9%: RIL net profit falls 7.2% in Q1; Covid curbs hit retail business

However, last year’s June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 per cent growth in adjusted profit after tax (PAT) over last year’s Rs 8,267 crore.

RIL chairman and MD Mukesh Ambani.

Reliance Industries Ltd (RIL) has reported a consolidated net profit of Rs 12,273 crore for the quarter ended June 30, 2021, down 7.25 per cent from Rs 13,233 crore posted in the year-ago period.

However, last year’s June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 per cent growth in adjusted profit after tax (PAT) over last year’s Rs 8,267 crore.

RIL’s revenue from operations rose 58.2 per cent to Rs 1,44,372 crore, compared to Rs 91,238 crore in the year-ago quarter.

Jio Platform’s value of services for the quarter was Rs 22,267 crore, higher by 9.8 per cent. Jio’s net profit for the quarter was Rs 3,651 crore, registering growth of 44.9 per cent.

Reliance Retail delivered gross revenue of Rs 38,547 crore, a growth rate of 21.9 per cent, as against the year-ago period. Its net profit for the quarter was Rs 962 crore, which is higher by 123.2 per cent.

RIL Chairman and MD Mukesh D Ambani, said: “Our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the Covid pandemic. The results of the first quarter clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”

“In our O2C business, we generated strong earnings through our integrated portfolio and superior product placement capabilities. Along with our partner BP, we commissioned the satellite cluster in KG-D6 and continued to ramp up production, contributing to 20 per cent of gas production in India. This will be a major contribution to our country’s energy security,” Ambani said.

He said Jio has posted yet another record quarterly performance with industry leading operating metrics.

“Covid-related restrictions on store operations during the quarter impacted our retail business operations and profitability. This is a temporary phenomenon. We remained focussed on ensuring supplies of necessities, including food, grocery, health and hygiene products through a combination of online-offline channels,” he said.

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