Reliance Industries' net profit rises 13.2% yoy to Rs11,640cr


Reliance Industries Ltd (RIL) reported a rise of 13.5% in net profit at  Rs11,640 for Q3FY20 vs. Rs10,251cr in the year-ago period.

This is the highest quarterly net profit earned by any private company in India, with RIL exceeding its own best of Rs11,262cr in Q2FY20.

Revenue from operations came in at Rs1.68 lakh cr, down 1.49% yoy.

Standalone net profit stood at Rs9,585cr, up 7.36% yoy.

RIL's gross refining margin (GRM) came in at $9.2/bbl rising from $8.8/bbl yoy. Loss in the oil and gas segment widened to Rs366cr from 185cr.

Revenue from the retail segment rose 27% yoy, while that from Jio Infocomm rose 28% yoy.

Further, Jio reported a net profit growth of 62.5% yoy. 

Mukesh Ambani, Chairman and Managing Director, said, “The third quarter results for our energy business reflect weak global economic environment and volatility in energy markets. Refining segment’s performance improved in a difficult operating environment given our continuous focus on cost positions, high operating rates and product placement."

“Our consumer businesses continue to establish new milestones every quarter. We saw consistent same store sales growth and record footfall across our stores driven by our compelling proposition of great shopping experience and superior value. Jio is focused on giving unmatched digital experience to consumers on a nationwide basis at most affordable price, and accordingly expanding network capacity and coverage to keep pace with demand," he added.




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