Reliance Industries profit jumps 12.6% as costs fall; revenue slides 21% on oil hit

Reliance Industries Ltd’s profit climbed 12.6% in the last three months of 2020 as its expenses fell, even as the Indian conglomerate recorded a sharp drop in revenue at its dominant oil-to-chemicals business.

Reliance said on Friday its consolidated profit rose to 131.01 billion rupees ($1.79 billion) in the quarter ended December 31 from 116.40 billion rupees a year earlier.

Analysts on average had expected a profit of 110.09 billion rupees, according to IBES data from Refinitiv.

Reliance, which operates the world’s largest refining complex, said revenue from the oil-to-chemicals division fell nearly 30% in the quarter from a year earlier. The business houses Reliance’s oil refining and petrochemicals operations.