Reliance Industries Limited (RIL) on Thursday reported a 31 per cent rise in consolidated profit at Rs 13,248 crore, including one time gain of Rs 4,966 crore, in April-June quarter of fiscal 2020-21 as against profit of Rs 10,104 crore in the corresponding period of last year. Revenue of Mukesh Ambani-led oil-to-telecom conglomerate stood at Rs 1,00, 929 crore in the quarter under review. A Bloomberg poll had estimated profit at Rs 7,119 crore and revenue at Rs 1 lakh crore.
RIL had reported a 38.73 per cent year-on-year (YoY) fall in consolidated net profit at Rs 6,348 crore for the quarter ended March 31 of FY20. Bottomline had taken a hit due to an exceptional loss of Rs 4,267 crore during the quarter. For the entire financial year, net profit had declined marginally 0.59 per cent YoY to Rs 39,354 crore. Shares of RIL ended the intraday trade at Rs 2,101.90, up 5.25 points, or 0.25 per cent on NSE.
Gross refining margin (GRM) stood at $ 6.3 per barrel as against $8.1 a barrel in Q1FY20 on account of inventory gain.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:"I am humbled and inspired by the exemplary commitment and empathy of the Reliance family during the Covid-19 pandemic.The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industry-leading results. Our consumer facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential goods and services through the lockdown. We completed the largest fund raise in Indian Corporate history in this quarter. I thank the millions of individual investors who supported our Rights Issue and welcome all our new partners to an exciting new phase of growth at Reliance."
Menawhile, Jio posted an 182.82 per cent on-year growth in net profit at Rs 2,520 in Q1FY20 as against Rs 891 crore in the same period last year.