Reliance Jio does most of the heavy lifting as retail biz struggles: RIL Q3 takeaways
MUMBAI: Reliance Industries, India’s largest conglomerate, showed signs of recovery in its oil-to-chemical business in the December quarter as the opening up of the economy helped improve demand, but the company’s retail business is still nursing from the impact of the Covid-19 pandemic.
The oil-to-telecom giant reported better-than-expected consolidated net profit for the reported quarter but the topline growth remained elusive as revenues plummeted 21 per cent year-on-year.
The company’s energy business was the worst affected by the Covid-19 pandemic given that the demand for transportation fuel sank due to ban on international travel and most people choosing to stay at home.
