RIL’s pre-tax profit dips 40% as Covid-19 hits energy, retail businesses

Mukesh Ambani-promoted Reliance Industries (RIL) reported a 40.5 per cent dip in profit before tax (PBT) and exceptional items as the pandemic and the ensuing lockdowns hit the energy and retail businesses in the June quarter.

Net profit, however, rose for the company, beating Street estimates.

RIL’s net profit was aided by an exceptional item gain arising out of the sale of partial stake in the fuel retail business to BP, as well as rise in other income.

For the April-June period, RIL reported a PBT of Rs 8,542 crore against Rs 14,366 crore reported during the same quarter last year.

RIL’s net profit, however, rose about 31 per cent to Rs 13,233 crore during April-June 2020 against Rs 10,104 crore in the same quarter last year.