Jio bucks trend
Reliance Industries Ltd (RIL) on Friday reported strong numbers for its telecom business Jio in the fourth quarter even as consolidated net profit of the company fell both on a year-to-year and sequential basis with the oil and retail businesses disappointing in a period where the coronavirus left its calling card on the entire economy.
Reliance missed street estimates as a fall in oil prices impacted inventory valuation.
The company reported a consolidated net profit of Rs 6,546 crore, a fall of 37 per cent over Rs 10,427 crore in the same period of last year and a drop of almost 45 per cent on a sequential basis.
