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Reliance Industries Q2 results: Net profit falls 15% to Rs 9,567 crore

Reliance Industries Limited (RIL) on Friday reported a fall in net profit to Rs 9,567 crore in July-September quarter of fiscal 2020-21

twitter-logoBusinessToday.In | October 30, 2020 | Updated 22:43 IST
Reliance Industries Q2 results: Net profit falls to Rs 9,567 crore
Reliance Industries Limited (RIL)

Reliance Industries Limited (RIL) on Friday reported a 15 per cent fall in net profit at Rs 9,567 crore in July-September quarter of fiscal 2020-21 as against Rs 11,262 crore in the corresponding period of last year, mainly on account of weak demand in refining and petrochemicals business. In the first quarter of FY21, RIL reported a 31 per cent rise in consolidated profit at Rs 13,233 crore.

Consolidated revenue from operations for the quarter was reported at Rs 1,16,195 crore compared to Rs 1,53,384 crore in Q2FY20. While EBITDA came in at Rs 18,945 crore, EBITDA margin stood at 17 per cent.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, "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. 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 lockdownsease 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 pursuegrowth initiatives in each of our businesses with a focus on the India opportunity."

Meanwhile, shares of RIL closed at Rs 2,064.35, up 37.45 points, or 1.85 per cent on NSE as against the last close. RIL scrip has jumped 35 per cent in 2020 so far. It has surged 131 per cent from the lows hit on March 23. On September 16, the share price hit a record high of Rs 2,369.35 and market capitalisation of Rs 16 lakh crore.

Also read: Reliance Jio Q2 result: Profit jumps over 2-fold to Rs 2,844 crore, revenue at Rs 17,481 crore

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