Drop in Net Profits
Reliance Industries on Friday reported 15% decline in consolidated net profit for the quarter ending 30 September, 2020 at ₹9,567 crore on weak oil business amid coronavirus pandemic. The company's net profit was ₹11,262 crore a year ago.
Drop in Revenue from Operations
The consolidated revenue from operations of the company declined 24% to ₹1.16 trillion as against ₹1.53 trillion a year ago.
On an annual basis, refining revenue of the company dipped by 36%,
Reliance Industries Ltd operates the world's biggest oil refining complex and petrochemicals revenue fell 23%.
"The outbreak of coronavirus pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group’s operations and revenue during the quarter were impacted due to COVID-19. The Group has taken into account the possible impact of COVID-19 in preparation of the unaudited consolidated financial results, including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of these unaudited consolidated financial results and current indicators of future economic conditions," the company said in a regulatory filing.
Reliance Jio revenue surges by 33%, retail revenue drops.
Reliance Jio continued to be a bright spot as revenue surged 33%.
Reliance's retail division that sells everything from groceries to apparel suffered a 4.9% drop in revenue.
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