MUMBAI – Indian conglomerate Reliance Industries on Friday said that its profit soared 12.5% during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.
The Mumbai-based oil-to-telecom behemoth – which is owned by Asia’s richest man, Mukesh Ambani – said its consolidated profit rose to over 131 billion rupees (RM7.24 billion) in the last three months of 2020 from around 117 billion rupees a year earlier.
The 12.5% growth figure was in line with the market estimates after a 15% fall in its quarterly profits during the quarter ending September 2020.
The company said its operating revenues fell 22% to 1.23 trillion rupees for the quarter, while oil-to-chemical revenues plunged over 28% despite witnessing some improvement in the sector.
“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,” Ambani said in a statement.
The company recorded a strong growth in its telecom arm Jio, with profits soaring 15.5% during the October-December 2020 period.
Its retail business was showing recovery following the reopening of thousands of stores that remained nonoperational due to the pandemic.
Shares of Reliance were down by 2.30% on Friday ahead of the earnings announcement. – AFP, January 23, 2021
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