RIL's Q1FY21 consolidated net profit up 30.6% at Rs 13,248 cr (Ld)

Source :IANS
Author :IANS
Last Updated: Thu, Jul 30th, 2020, 23:33:07hrs

New Delhi, July 30 (IANS) Reliance Industries Ltd (RIL) on Thursday reported a rise of 30.6 per cent, including the effect of exceptional items, in its consolidated net profit for the quarter ended June 30 of FY 2020-21 on a year-on-year (YoY) basis.

Accordingly, the company's consolidated net profit during the first quarter of FY21 rose to Rs 13,248 crore.

The exceptional item, as reported by the company, is on the gains from the stake sale to BP.

"The company successfully completed India's largest ever ‘Rights Issue' of Rs 53,124 crore (oversubscribed by 1.59 times) -- the world's largest by a ‘Non-Financing Institution' in last ten years," the company said in a statement.

"Jio Platforms Limited, a wholly owned subsidiary of Reliance Industries Limited, raised Rs 152,056 crore from leading global investors including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubad ala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures in jus t three months," it added.

As per the statement, BP invested Rs 7,629 crore for a 49 per cent stake in t he company's fuel retailing business.

The company's revenue for the quarter was Rs 100,929 crore.

"For the quarter ended 30th June, 2020, RIL achieved revenue of Rs 1 00,929 crore ($ 13.4 billion), as compared to Rs 174,087 crore in the corresponding period of the previous year," the statement said.

"The decline in revenue was primarily due to fall in O2C revenues, led by sharp decline of 57.6 per cent in average Brent crude price. Retail business also witnessed 17 per cent decline in revenues due to the lockdown and restrictions in store operations. Overall decline in revenue was partially offset by increase in revenue of Digital services business with strong subscriber addition and significant improvement in ARPU," it added.

Besides, the company's cash profit was also higher by 16.7 per cent YoY at Rs 18,893 crore.

The EPS including exceptional items for the quarter was Rs 20.7 per share, an increase of 22.1 per cent YoY.

"The severe demand destruction due to global lockdowns impacted our hydrocar bons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industry-leading results," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

"Our consumer facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got es sential goods and services through the lockdown," he added.

On a standalone basis, the RIL reported a net profit including exceptional items for the quarter at Rs 9,753 crore, representing a growth of 7.9 per cent on a YoY basis.

The company's cash profit for the quarter was Rs 10,350 crore.

In addition, RIL reported that its standalone exports for the quarter were Rs 32,681 crore.

--IANS

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