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RIL Q3 results: Profit rises 12.5% to Rs 13,101 crore, revenue down 22%

Chitranjan Kumar     January 22, 2021

Reliance Industries Limited (RIL) on Friday reported 12.5 per cent year-on-year growth in consolidated net profit at Rs 13,101 crore for the third quarter ended December 31, 2020, on the back of strong rebound across all businesses. The company has posted a net profit of Rs 11,640 crore in corresponding period of last year, RIL said in a regulatory filing.

Consolidated revenue of Mukesh Ambani-led oil-to-telecom conglomerate fell by 22 per cent to Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore in the year ago period.

RIL, the country's most valued firm, said it supported job creation in the economy during the coronavirus crisis and generated over 50,000 new jobs during April-December 2020 in consumer businesses and last mile delivery.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company's impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and Retail segments, and a steady growth in our Digital Services business. I am proud that Reliance has employed 50,000 more people since March 2020."

Also Read: Reliance Jio Q3 results: Net profit jumps 15.5% to Rs 3,489 crore

The company said that it reported highest ever quarterly consolidated profit before exceptional items at Rs 15,015 crore, while consolidated EBITDA before exceptional items stood at Rs 26,094 crore.

Meanwhile, RIL's telecom subsidiary, Reliance Jio, saw its consolidated profit rising 15.5 per cent sequentially to Rs 3,489 crore and revenue by 5.3 per cent QoQ to Rs 19,475 crore.

During the quarter under review, Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, completed the capital raise of Rs 47,265 crore for 10.09 per cent equity stake. This was the largest fund raise in the sector. It reported 88.1 per cent quarter-on-quarter growth in consolidated net profit at Rs 1,830 crore for third quarter ended December 31, 2020.

Also Read: Reliance Retail Q3 profit surges 88% to Rs 1,830 crore; generates 50,000 new jobs

Reliance said it has completed fundraising from selling minority stakes in Jio Platforms Ltd -- the unit that holds telecom and digital businesses, and Reliance Retail to global investors. It raised Rs 152,056 crore in Jio and Rs 47,265 crore in retail. A cumulative cash inflow of Rs 220,231 crore helped it turn into a net cash surplus company.

The company's gross debt declined to Rs 257,413 crore as of December 31, 2020, when compared to Rs 336,294 crore as of March 2020, while cash at hand rose to Rs 220,524 crore from Rs 175,259 crore. Net debt stood at a negative (-) Rs 2,954 crore.

Ahead of Q3 earnings, shares of Reliance Industries ended 2.3 per cent lower at Rs 2,049.65, against previous closing price of Rs 2,097.85 on the Bombay Stock Exchange. During the day's trade, the stock fell as much as 2.3 per cent to hit an intraday low of Rs 2,035.20.


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