The country’s most valuable company — Reliance Industries — on Friday reported that its net profit rose 13 per cent to ₹ 13,101 crore in quarter ended December 2020 from ₹ 11,640 crore during the corresponding period a year ago. The Mukesh Ambani-led company’s profit was better than anticipated as analysts polled by Refinitiv expected the company to report profit of ₹ 11,009 crore.
Its revenue from operations however, declined 21 per cent to ₹ 1.24 lakh crore.
The oil-to-telecom giant posted its highest ever quarterly profit as total expenses fell sharply during the quarter. Total expenses declined 22 per cent annually to ₹ 1.13 lakh crore from ₹ 1.45 lakh crore in the year-ago period.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) — or operating profit — increased 12 per cent to ₹ 26,094 crore in the three months to December 31, compared to the previous quarter.
Reliance, which operates the world’s largest refining complex, said revenue from the oil-to-chemicals division fell nearly 30 per cent in the quarter from a year earlier. The business houses Reliance’s oil refining and petrochemicals operations.
Reliance Industries’ digital arm Jio Platforms’ net profit rose rose 15.5 per cent to ₹ 3,489 crore and revenue advanced 5.3 per cent to ₹ 22,858 crore.