Reliance Industries on Friday said that its profit soared 12.5 percent during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.
The Mumbai-based oil-to-telecom behemoth — owned by Asia’s richest man, Mukesh Ambani — said its consolidated profit rose to over Rs 130 crores ($1.79 billion) in the last three months of 2020 from around 117 billion rupees a year earlier.
The 12.5 percent growth figure was in line with the market estimates after a 15 percent fall in its quarterly profits during the quarter ending September 2020.
The company said its operating revenues fell 22 percent to 1.23 trillion rupees for the quarter, while oil-to-chemical revenues plunged over 28 percent despite witnessing some improvement in the sector.
