RIL Q1 net profit up 4 per cent at Rs 13,806 crore; Covid hits revenue

CHENNAI: Oil-to-telecom conglomerate Reliance Industries (RIL) disclosed on Friday that it has recorded a 4.2% increase in its consolidated net profit for the first quarter (April-June 2021) of the current financial year. On a sequential, or quarter-on-quarter basis, however, the company recorded a sharp fall in revenues and a moderate decline in net profit due to the impact of the second wave of Covid-19 on the economic activities.

According to RIL’s exchange filings, the company has recorded a total consolidated revenue of Rs 1.58 lakh crore during the quarter (Q1FY22) and a net profit of Rs 13,806 crore. In comparison, it had recorded a total revenue of just over Rs 1 lakh crore during the corresponding quarter of the previous financial year—a period which had seen the most stringent national lockdown to have been imposed after the Covid-19 outbreak. During the last quarter of the previous financial year ended March 2021, however, Reliance had recorded a total revenue of Rs 1.72 lakh crore.