RIL posts 31 % YoY rise in Q1 consolidated net profit at Rs 13,233 crore

Reliance Industries (RIL), the oil-to-telecom conglomerate, on Thursday reported a 30.9 per cent year-on-year (YoY) rise in its net profit at Rs 13,233 crore for the quarter ended June 30, 2020 (Q1FY21) – the period that witnessed major economic dislocations due to the Covid-19-induced lockdown. The numbers, the company said, included exceptional gain of Rs 4,966 crore (net of taxes of Rs 1,508 crore) due to profit on divestment of shares of Reliance BP Mobility Services.

RIL had logged a profit of Rs 10,104 crore in the corresponding quarter of the previous fiscal.

The company’s revenue came in at Rs 100,929 crore, down 42 per cent as compared to Rs 1,74,087 crore in the corresponding period of the previous year. “The decline in revenue was primarily due to fall in oil-to-chemical (O2C) revenues, led by sharp decline of 57.6 per cent in average Brent crude price.