Reliance profit soars despite oil business slump
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.
