Reliance Industries reported more than double profit in the March quarter, earnings of the company also increased significantly: RIL Q4 Results.
Mukesh Ambani-led Reliance Industries has reported more than double growth in net profit in the last quarter of the last financial year.
The company has told the stock exchanges that the company had a net profit of Rs 13,227 crore during the January-March quarter of this year.
The company had a net profit of Rs 6,348 crore in the January-March quarter last year. The improvement in petrochemical and consumer business has seen this increase in the net profit of the company.
The company reported total revenue of Rs 1,72,095 crore for the quarter under review. The company had a revenue of Rs 1,51,461 crore in the fourth quarter of FY 2019-20.
In the fourth quarter of the last financial year, Jio Platforms, the telecom sector arm of Reliance Industries, posted a net profit of 47.5 percent to Rs 3,508 crore.
Reliance Industries’ profit before tax rose by 41 percent to Rs 3,623 crore due to strong growth in the grocery business and consumer electronics business. The company’s number of stores increased by Rs 826 to 12,711.
However, the second wave of Covid-19 saw an impact on the company’s retail operations in April. Footfall at the company’s stores saw a decrease of 35-40 percent from pre-Covid levels.
Mukesh D. Ambani, chairman and managing director of RIL, said, “For India, this time is exceptionally challenging. Our immediate priority is to help our country and community recover from the Covid crisis.
We have put our best resources to work against the pandemic of the country. In Jamnagar our facilities are producing life-saving medical-grade oxygen, which is necessary for many states at this time.
We have taken immediate steps to strengthen the country’s capacity to move medical oxygen from one place to another soon. ”
Ambani said about the company’s quarterly and annual results, “We have achieved strong recovery in the O2C and retail segment and a good growth in the digital services business.”