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New Delhi: Reliance Industries Limited (RIL) jumped 31 per cent in its consolidated net profit for the first quarter (Q1) ended June 2020 on Thursday. Whereas, its digital arm Jio jumped 182.8 per cent, giving it a net profit. Period under consideration.
RIL posted a profit of Rs 13,233 crore in Q1, while a profit of Rs 10,104 crore was posted later in the same period, the company said in a regulatory filing.
In terms of quarter-on-quarter growth, RIL reported a 108 per cent increase in net profit, while Rs 6,348 crore was reported for the fourth quarter ended June 30, 2020.
The company said it recognized exceptional gains of Rs 4,966 crore during the quarter, reflecting BP’s deal to make the firm a fuel retailing joint venture last year.
However, the oil-to-telecom major reported a 44 per cent drop in its revenue from Rs 91,238 crore from operations in Q1, compared to Rs 1,62,353 crore in Q1 last year, with losses in the company’s oil refining business There was a decrease in coronavirus. The lockdown reduced global energy demand.
Meanwhile, Reliance Jio tripled its net profit in Q1 to Rs 2,520 crore, compared to a profit of Rs 891 crore in the same period last fiscal.
The company said in a regulatory filing that Jio platforms have raised Rs 1,52,056 crore.
Commenting on the results, RIL Chairman and Managing Director, Mukesh Ambani said: “The severe demand destruction due to global lockdown affected our hydrocarbon business but the flexibility in our operations allowed us to work closer to normal levels and deliver major results Enabled. ” Consumer facing businesses became a lifeline for individuals and hard work was done to do business with our Retail and Jio teams to enable millions of people to get essential goods and services through lockdown. ”
“Jio started with a vision of connecting everything while creating a strong and secure wireless and digital network and expanding the benefits of digital connectivity to everyone in India. Thirteen investors, including the largest technology companies and investors globally, now share a shared vision with us, ”he said.
Referring to RIL’s largest fund raising in Indian corporate history, Ambani thanked millions of investors who supported his rights issue and welcomed all new partners to Reliance in an exciting new phase of growth.
Jio’s operating revenue for Q1 FY21 increased 33.7 percent year-on-year to Rs 16,557 crore. Its total subscriber base was 398.3 million as of June 30, 2020, and the average revenue per user (ARPU) during the quarter was Rs 140.3 per customer.
Reliance Industries shares rose 12.80 points to close at Rs 2,108 on the BSE. Whereas, it rose 5.25 points to close at Rs 2,102 on the NSE.
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