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RIL Q2 Results: Firm Sees 15% Drop In Profit

By FnF Correspondent | PUBLISHED: 31, Oct 2020, 8:41 am IST | UPDATED: 31, Oct 2020, 8:41 am IST

RIL Q2 Results: Firm Sees 15% Drop In Profit Mumbai: Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday reported a 15 per cent decline in consolidated net profit for the quarter ending September 30, 2020 at Rs 9,567 crore as against Rs 11,262 crore for the same quarter last year. As per reports, the consolidated revenue from operations of the refining-to-retail firm declined 24 per cent to Rs 1.2 lakh crore from Rs 1.56 lakh crore in Q2 of FY20.ago.

The company also said that on an annual basis its refining revenue dipped 36 per cent and petrochemicals revenue fell 23%. Reliance Industries operates the world's biggest oil refining complex.

On a quarter-quarter (QoQ) basis, however, the company's consolidated Q2 net profit stood higher by 28 per cent. Also, on a QoQ basis, the company's cash profit before exceptional item was Rs 16,837 crore ($2.3 billion), higher by 20.9 per cent.

Meanwhile, the company in its filling said that its telecom wing Reliance Jio Q2 net profit went up nearly 3 times to Rs 2,844 cr with a revenue jump of 33 per cent to Rs 17,481 crore.

Jio's revenue from operations increased by 33 per cent to Rs 17,481 crore during the just-ended quarter, compared to Rs 13,130 crore in the same period of 2019-20, according to a regulatory filing.

Its total income for the second quarter of FY21 stood at Rs 17,678 crore, against Rs 13,157 crore earned during the corresponding period of the last financial year.

The company's total customer base as on September 30, 2020 was 40.56 crore, with a growth of 1.8 per cent. Reliance Jio becomes the first operator outside China to cross 400 million subscriber base.

Its average revenue per user (ARPU) during the quarter was Rs 145 per subscriber per month. Total wireless data traffic during the quarter was 1,442 crore GB with a growth of 1.5 per cent. Jio's total voice traffic during the quarter wa 93,223 crore minutes.

Official statement by Reliance Industries Limited:

“We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in Digital Services business.

Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family.

We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity."
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