Reliance profit up 12% for December quarter of 2020
Buoyed by a strong performance from Jio, Reliance Industries (RIL) on Friday beat Street estimates to post a 12.55 per cent growth in net profits for the December quarter of 2020.
The oil-to-telecom conglomerate recorded a net profit of Rs 13,101 crore compared with Rs 11,640 crore in the same period of the previous year. Analysts were expecting RIL to post profits in the region of Rs 11,000 crore.
Its performance was led by the digital services segment, even as the O2C division, which contributes almost 67 per cent to overall revenues saw a sequential 10 per cent growth in its topline to Rs 83,838 crore. But, on a year-on-year basis, there was a sharp drop from Rs 119,121 crore as the business is yet to fully revive from the impact of the Covid-19 pandemic.
