Mukesh Ambani-led Reliance Industries reported a consolidated net profit of Rs 13,101 crore in the December quarter, up 12.5 percent from same period last year as lower expenses cushioned earnings even as revenues declined.
Consolidated net sales of the company in the period under review stood at Rs 123,997 crore, down 21 percent from same period last year as oil to chemicals, oil&gas and retail revenue segments took a hit.
A much lower current tax in the December quarter at Rs 295 crore compared to that incurred in the corresponding period last year at Rs 1,996 crore, also lent support to the company’s bottomline in the quarter gone by.
As per Bloomberg estimates, the company’s topline was seen at Rs 1.209 trillion in the December quarter, while the bottomline was expected to be at Rs 10,107 crore.
The Group’s operations and revenue during the period were impacted due to COVID-19 as the outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity, informed the company in its release.
During the period under review, the company incurred a loss of Rs 121 crore on account of impairment of shale gas assets disclosed as an exceptional item in the results.
In segment wise revenue, the company’s digital services was the only business which saw an uptick of 33 percent on a year-on-year basis at Rs 23, 678 crore. The oil to chemicals, oil&gas and retail were down 30 percent, 51 percent and 19 percent respectively on a year-on-year basis.