RIL’s profit plunges 37% to ₹6,546 crore in Q4

The consolidated net profit of Reliance Industries Ltd, the oil to telecom conglomerate owned by Mukesh Ambani, plunged 37.2 per cent to ₹6,546 crore in the January-March quarter primarily due to disruption in its petrochemicals business following the Covid-19 lockdown. RIL took an exceptional loss of ₹4,267 crore during the quarter due to weak business conditions.

RIL said the Covid-19 outbreak disrupted businesses across manufacturing and services sectors during the quarter. Global oil markets witnessed significant volatility on account of demand destruction and excess supplies. Lockdowns and travel restrictions in most geographies led to a steep fall in transportation fuel demand. The Q4 revenue fell 2.5 per cent to ₹1,51,209 crore from a year ago. The consolidated net profit was ₹10,427 crore on revenue of ₹1,55,151 crore in Q4 of FY19.