RIL revenues decline 2.5% in Q3; Reliance Retail, Jio boost profit
Mukesh Ambani-controlled Reliance Industries’ (RIL’s) good performance in its new-age digital and retail businesses compared to the traditional oil and petrochemicals has started showing in its numbers with the group announcing a marginal 3.6 per cent year-on-year (YoY) increase in RIL’s profit before tax at Rs 14,962 crore for the December-ended quarter.
On the planned sale of 20 per cent in the oil-to-chemicals business to Saudi Aramco, officials refused to comment on the timeline for its definitive agreement. “It is not a deal that will get done by March. We cannot comment on the timelines of (definitive agreement),” said V Srikanth, joint chief financial officer, RIL.
The deal is valued at $15 billion and expected to help reduce the company’s debt.
