INDUSTRY NEWS

Reliance profit rises on BP deal gain; revenue slides 44% on oil hit

Reliance Industries Ltd’s June-quarter profit jumped 31%, as the Indian conglomerate booked a substantial one-time gain from global oil major BP’s investment in its fuel retail business.

Reliance, led by Asia’s richest man Mukesh Ambani, said on Thursday its consolidated profit rose to 132.33 billion rupees ($1.77 billion) in the three months to June 30, from 101.04 billion rupees a year earlier.

Analysts on average had expected 74.57 billion rupees, according to Refinitiv data. It was not immediately clear if the figures were comparable.

Reliance booked a one-time gain of 49.66 billion rupees ($663 million) during the quarter, reflecting BP’s deal to forge a fuel retailing joint venture with the Mumbai-headquartered firm last year.

However, revenue from operations at India’s largest company by market value slumped nearly 44% to 912.38 billion rupees, hurt by losses in the company’s oil refining business as coronavirus lockdowns slammed global energy demand.

Revenue from the refining unit fell 54%, said Reliance, which operates the world’s biggest oil refining complex.

Source
hindustan times
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