Reliance Industries Ltd (RIL) on Friday reported a decline in its consolidated net profit for the quarter ended September 30 of FY2020-21 on a year-on-year (YoY) basis due to the effect of an exceptional item.
Accordingly, the company’s consolidated net profit during the first quarter of FY21 declined to Rs 10,602 crore from Rs 11,352 crore reported for the corresponding period of the previous fiscal.
The consolidated net profit attributable to owners of the company also fell to Rs 9,567 crore from Rs 11,262 crore reported for the corresponding quarter of the previous fiscal.
On a quarter-quarter (QoQ) basis, however, the company’s consolidated Q2 net profit stood higher by 28 per cent.
Also, on a QoQ basis, the company’s cash profit before exceptional item was Rs 16,837 crore ($2.3 billion), higher by 20.9 per cent.
Compared to the April-June quarter, the company’s Q2 revenue grew by 27.2 per cent to Rs 128,385 crore ($17.4 billion).
“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,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
“Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in last six months across ‘Jio and Retail’ business, we have welcomed several strategic and financial investors into Reliance family.
“We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity,” he added.
–IANS
