Companies

Jio surge helps Reliance Ind post 12.5% jump in Q3 net

Our Bureau Mumbai | Updated on January 22, 2021

Reliance Retail profits up 4%; reports robust revival in oil and chemicals segment

The consolidated net profit of Reliance Industries Ltd increased 12.5 per cent in the October-December 2020 quarter to ₹13,101 crore from ₹11,640 crore in the third quarter of FY20.

The net profit in the second quarter of FY21 was ₹9,567 crore.

The growth in profit was largely due to buoyant telecom services, Jio Platforms Ltd (JPL), which posted a 15.5 per cent rise in consolidated net profit to ₹3,489 crore. Jio Platforms reported a total customer base of 41 crore as of December 31, 2020.

Reliance Retail also posted a profit of ₹1,830 crore for the third quarter, which is 4 per cent higher than the profit in the same period last fiscal. “The business delivered a healthy performance with record profit delivery in an operating environment that continued to remain challenging with sporadic Covid-related restrictions and local issues,” the company said in a statement.

Overall, revenue from operations declined to ₹123,997 crore from ₹157,165 crore a year ago. But it was better than the ₹116,195 crore achieved in the preceding quarter.

“We have delivered strong operational results during the quarter with a robust revival in O2C (Oil-to-Chemicals) and retail segments, and a steady growth in our digital services business,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

The world closing ranks for a strong global action on climate change gives Reliance the right opportunity to accelerate the ambitious new energy and new materials business wedded to the vision of clean and green development, he said.

“In line with this vision, our Oil-to-Chemicals business has formally re-organised its reporting segments to reflect our new strategy and management matrix for this enterprise.

“The re-organised structure will facilitate holistic and agile decision making and enable us to pursue attractive new opportunities for growth, with strategic partnerships with the best and the biggest in this business globally.

“The O2C platform will increasingly move further downstream and become closer to customers. It will create planet-friendly and affordable energy and materials solutions to meet the growing needs of every sector of the Indian economy,” Ambani said.

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Published on January 22, 2021
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