Reliance posts record profit of ₹13,227 crores

Reliance Industries Limited posted an increase of 12.5% in its Q3 earnings

Oil-telecom-to-retail major Reliance Industries on April 30 reported consolidated profit of Rs 13,227 crore for the quarter ended March 2021, increasing 108.4 percent YoY. The above profit was attributable to owners of the company, while the total profit at Rs 14,995 crore in Q4 grew 129.1 percent YoY and 0.7 percent QoQ.

Profit in the March 2020 quarter stood at Rs 6,348 crore hit by lockdown announced to curb COVID-19 pandemic. The company had provided for non-cash inventory holding losses for the quarter.

The sequential growth in profit was 1 percent. Profit in December quarter was at Rs 13,101 crore.

Consolidated revenue from operations at Rs 1,54,896 crore in Q4FY21 increased by 11 percent compared to year-ago quarter, and the sequential increase in topline was at 24.9 percent.

These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the COVID crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic,” said Mukesh Dhirubhai Ambani, Chairman and Managing Director.

He further said, “We have registered robust recovery in O2C and retail segment, and resilient growth in Digital Services business. Sustained high utilization rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth.”

The oil-to-chemical (O2C) business revenue grew by 20.6 percent sequentially to Rs 1,01,080 crore and at the operating level, the segment’s EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 11,407 crore increased 16.9 percent QoQ but margin declined 30 bps QoQ to 11.3 percent in the quarter ended March 2021.

In February, the Mukesh Ambani-led conglomerate announced reorganisation of its oil-to-chemical (O2C) business into a wholly-owned subsidiary – Reliance O2C Limited.

The O2C business comprises refining & marketing and petrochemicals businesses.

Post restructuring, the promoter Group will hold 49.14 percent equity stake and the rest is by public shareholders including DIIs and FIIs.

Reliance Industries in its BSE filing said it has posted a record annual consolidated profit at Rs 53,739 crore with growth of 34.8 percent compared to previous year. The revenue from operations during the year stood at Rs 4,86,326 crore, compared to Rs 6,12,437 crore in previous year.

The finance cost of the company in Q4FY21 at Rs 4,044 crore declined considerably 33.3 percent compared to Rs 6,064 crore in the year-ago quarter. The sequential fall in finance cost was 6.5 percent.

The billionaire Mukesh Ambani-owned company also recorded annual EBITDA for consolidated Jio Platforms at Rs 32,359 crore and Reliance Retail Ventures at Rs 9,789 crore.

Reliance Industries has announced dividend of Rs 7 per share.

Reliance Industries currently holds 85.1 percent stake in Reliance Retail Ventures and 67.3 percent in Jio Platforms after selling the balance stake in last one year to global investors.

Reliance share price has gained 2 percent in the current year 2021, so far, and the stock has rallied 39.4 percent in last one year.

(Note: This article has been reproduced from another news feed with changes to the headlines)

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