OIL & GAS

RIL’s March quarter net profit more than doubles to Rs 13,227 crore

Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported more than doubling of its March quarter net profit as consumer businesses of retail and telecom as well as petrochemicals saw sequential recovery on improved spreads offsetting continued weakness in refining business.

Consolidated net profit of Rs 13,227 crore in January-March compared with Rs 6,348 crore earned a year back, the company said in a statement. The fourth quarter net profit included Rs 797 crore exceptional item due to gain on sale of US shale assets.

Revenue was up 13.6 per cent to Rs 1,72,095 crore.

The oil-to-telecom conglomerate posted the highest ever annual net profit of Rs 53,739 crore, up 34.8 per cent year-on-year. This was aided by record annual EBITDA for Jio Platforms at Rs 32,359 crore and highest ever annual EBITDA for Reliance Retail at Rs 9,789 crore.

Source
ET Energy World
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