Companies

Reliance Q4 net doubles to ₹13,227 cr on robust recovery in O2C, retail segments

Our Bureau Mumbai | Updated on April 30, 2021

Jio revenues up 47.5 per cent

A robust recovery in the O2C and retail segments, led to the consolidated net profit of Reliance Industries Ltd surging 108 per cent to ₹13,227 crore in the fourth quarter of 2020-21 from ₹6,348 crore in the year-ago period.

The company’s revenues from operations rose 11 per cent to ₹ 154,896 crore in the fourth quarter (₹139,535 crore). The board recommended a dividend of ₹7 per share.

For the full year, RIL posted a net profit of ₹49,128 crore compared to ₹39,354 crore in FY20. RIL’s revenues declined to ₹486,326 crore in FY21 from ₹612,437 crore in FY20 primarily due to lower volumes and realisation across key products in the oil-to-chemicals (O2C) business. “We have registered a robust recovery in the O2C and retail segment, and resilient growth in digital services business. Sustained high utilisation rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth,” said Mukesh Ambani, Chairman and Managing Director.

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RIL’s revenue from the O2C business in FY21 declined 29 per cent to ₹320,008 crore from ₹451,355 crore on lower volumes and price realisation across key products. The sharp demand contraction in the first half of FY21 impacted growth for the full year. The product price realisation was also lower in line with the decline in average crude and feedstock prices, the company said.

Jio revenues up

Jio Platforms Ltd posted a 47.5 per cent rise in net profit at ₹3,508 crore for the fourth quarter ended March 31, 2021 compared with ₹2,379 crore in the same period year-ago. Revenue from operations rose 18.9 per cent to ₹18,278 crore (₹15,373 crore), a company statement said.

The company added 31.2 million gross customers (net addition of 15.4 million) during the quarter with improved traction across mobility and homes, and 99.3 million users during the financial year ended March 31. Its total subscriber base stood at 426.2 million as of March 31.

During the quarter, churn fell to 1.26 per cent on the back of focussed sales initiatives and reducing Covid-19 impact in parts of the country during the quarter. The average revenue per user (ARPU) for the quarter was ₹138.2, with a sequential decline driven by transition from interconnect usage charges, (IUC) to Bill & Keep regime effective January 1, 2021, and lower number of days during the quarter.

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826 Retail stores opened

Reliance Retail posted a net profit of ₹2,247 crore in the fourth quarter on revenues of ₹47,064 crore. The company said that it opened 826 stores during the quarter.

Published on April 30, 2021

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