Saturday, February 27, 2021

Net profit rises 12.5% to ₹13,101 cr

(Photo: Reuters)

Oil-to-telecom conglomerate Reliance Industries on Friday reported 12.5% rise in consolidated net profit at 13,101 crore for the quarter ending 31 December, 2020. It was 11,640 crore in the year-ago period.

Mukesh Ambani-led RIL recorded a sharp fall in revenue at its dominant oil-to-chemicals business.

Consolidated revenue from operations declined 22% to 1.23 lakh crore as against 1.57 lakh crore in year-ago period.

“The outbreak of coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group’s operations and revenue during the period were impacted due to COVID-19,” the conglomerate said.

“Outstanding debt as on 31 December, 2020 was 2,57,413 crore ($ 35.2 billion). Cash and cash equivalents as on 31 December, 2020 were at 220,524 crore ($ 30.2 billion),” the company 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,” said Mukesh Ambani, Chairman and Managing Director, RIL, adding, “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.”

“With effect from this quarter, the Company will disclose Oil to Chemicals (O2C) as a separate business segment,” RIL said in a stock exchange filing.

“Our Oil-to-Chemicals (O2C) business has formally reorganised its reporting segments to reflect our new strategy and management matrix for this enterprise. The reorganised 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 planetfriendly and affordable energy and materials solutions to meet the growing needs of every sector of the Indian economy,” said Ambani.

Production and gas supplies from R Cluster field, India’s first ultra-deepwater gas field in block KGD6 off the east coast of India, have commenced on 18th Dec, 2020, the company said.

R Cluster is the first of the three projects to come onstream. Located at a water depth of greater than 2,000 meters, it is the deepest offshore gas field in Asia. “Current production in line with expectation and being ramped-up. Expected to reach plateau production of about 12.9 mmscmd in H2CY21,” the company said.

On Friday, the company’s scrip on NSE closed 2.45% lower at 2,047.95.

Jio Platforms recorded 15.5 per cent quarter-on-quarter rise in net profit to 3,489 crore for October-December 2020, its parent firm Reliance Industries Limited said on Friday.

Jio Platforms, which provides digital and telecom services, had posted a net profit of 3,020 crore in the previous quarter.

The revenue of the company stood at 22,858 crore in the October-December 2020 period.

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