Reliance profit down 15%, retail, telecom cushion fall
NEW DELHI: Reliance Industries (RIL) on Friday announced a 15.05 per cent year-on-year (YoY) drop in consolidated net profit at Rs 9,567 crore for the quarter ended September 30, primarily due to a weak oil business struggling with Covid-19 led disruptions. The company had posted a net profit of Rs 11,262 crore in the corresponding period last year.
The consolidated revenue of the refining-to-retail conglomerate shrank 24.25 per cent to Rs 1.16 lakh crore as against Rs 1.53 lakh crore a year ago. The Mumbai-headquartered company reported a 36 per cent dip in revenue from its refining business on an annual basis.
