The net quarterly profit of Reliance Industries has achieved a new height rising by 31% to Rs 13,248 crore. The company attained a profit of Rs 4,966 crore by trading a stake to BP Plc of its fuel retailing joint venture.
The net gain keeping out this deal in the April-June quarter was Rs 8,282 crore. This was 18% higher than the street expectations. Comparing it with the last year’s gain of Rs 10,141 crore it is low as the corona pandemic disturbed the market.
On the other hand Reliance, digital venture Jio net gain increased 183% Rs 2,520 crore. Jio has contributed the most to the company’s profit as other Reliance businesses gain have got reduced.
The profit from the conversion of a barrel of crude oil into fuel known as Gross refining margin also got reduced $6.3 from the previous year $8.1. This happened as last year for the first time in two decades the benchmark Singapore margins turned negative. EBITDA got half to Rs 4,430 crore and also the profit from Petrochemicals also fell by a third.
“The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in operations enabled us to operate at near-normal levels and deliver industry-leading results,” Reliance chairman Mukesh Ambani said.
RIL’s joint chief financial officer (CFO) Srikanth Venkatachari said “Consumer and technology growth is where we see ourselves with a clear focus on innovations and intellectual property-led technology platforms,”