Reliance Industries on Thursday posted a 38.7 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 6,348 crore for the quarter ended March 2020. It had posted profit of Rs 10,362 crore in the year-ago period.
The company said that oil prices have declined 73 per cent, thus impacting the inventory valuation. This has led to Rs 4,245 crore, net of tax (tax Rs 899 crore) exceptional loss for the quarter.
Revenue from operations stood at Rs 139,283 crore, down 2.30 per cent from Rs 142,565 crore in the year-ago period while value of sales & services (revenue) declined 2.5 per cent YoY to Rs 151,209 crore.
