MUMBAI: Mukesh Ambani-led Reliance Industries (RIL) on Friday posted a robust 13.5 per cent increase in net profit for the third quarter of FY20, earning Rs 11,640 crore, as a turnaround in its oil refining business and the steady rise in profitability of its retail and telecom ventures paid dividends.
However, the company’s revenues saw a decrease of 1.4 per cent year-on-year during the quarter, falling to Rs 1,68,858 crore from Rs 1,71,300 crore recorded in the corresponding period of the previous year. “The decrease in revenue is primarily on account of a 10.6 per cent decline in O2C business revenues, with lower product price realisation, and a 6.6 per cent fall in Brent crude prices. This was partially offset by continuing growth momentum in consumer businesses,” the company said.
