Reliance Q4 profit more than doubles
The Hindu
Jio, retail arm spur parent profit to ₹13,227 crore; RIL’s FY21 revenue falls on lower volumes, realisation
Following better year on year performance in its Jio Platforms, Retail and Oil to Chemicals (O2C) businesses Reliance Industries Ltd. (RIL) on Friday said fourth quarter consolidated net profit more than doubled to to ₹13,227 crore from ₹6,348 crore a year earlier as compared to ₹6,348 crore in the same period last year, up 108% on revenue growth of 13.6% to ₹172,095 crore from ₹ 15,1461 crore in the year ago period, up 13.62%. For the year ended March 312021, RIL recorded an 18.3% decline in revenue to ₹539,238 crore, as compared to ₹ 659,997 crore in the previous year, down 18.29%. Net profit (after exceptional items) increased 34.8% to ₹53,739 crore as against ₹ 39,880 crore in the previous year. The board announced a dividend of ₹7 per share. “The decrease in revenue was primarily due to lower volumes and realisation across key products in O2C segment,” the company said in a regulatory filing. “The retail segment also reported lower revenue, [affected by] on account of the effect of the pandemic. This was partially offset by higher ARPU [average revenue per user],” it added. Jio Platforms Ltd.’s net profit for the quarter zoomed 47.5% to ₹3,508 crore compared with ₹2,379 crore a year earlier. Revenue from operations rose 19% to ₹18,278 crore. Its value of services grew to ₹21,650 crore from ₹17,993 crore.More Related News