Reliance consolidated profit doubles to Rs 13,227 crore in Q4; petrochem revenue rises 4.4%-Business News , Technomiz”

Representational image. Reuters

The oil-to-telecoms conglomerate Reliance Industries led by billionaire Mukesh Ambani said that its consolidated profit doubled to Rs 13,227 crore in the last quarter of the financial year 2021-21.

The consolidated profit climbed 108 percent in the three months to 31 March due to “significant growth in Jio and recovery in Retail business”, Moneycontrol.com reported

The net profit for the fourth quarter was Rs 14,995 crore, higher by 0.7 percent as compared to the third quarter of the Financial Year 2021.

However, according to Reuters, the company missed analysts’ estimates. Analysts on average had expected Rs 13,491 crore, the news agency said, quoting Refinitiv data.

Hit by lockdown announced to curb the COVID-19 pandemic, Reliance had reported a profit of Rs 6,348 crore during the same quarter last year.

Revenue from the operations rose 11 percent year-on-year to Rs 1,54,896 crore during the fourth quarter of FY21.

The company also announced a dividend of Rs 7 per share.

The revenues in the dominant oil-to-chemicals (O2C) business rose 4.4 percent to Rs 1.01 lakh crore in Q4FY21 from Rs 96,732 crore in the same period last year (Q4FY20).

Revenues from digital services surged to Rs 22,628 crore in Q4FY21, compared to Rs 19,153 crore in the same quarter last year.

The revenues of the retail business were at Rs 41,296 crore for the March quarter.

As per the company statement, the consolidated revenue from operations at Rs 1,54,896 crore in Q4FY21 increased by 11 percent compared to the same period in the last financial year, and the sequential increase in topline was at 24.9 percent.

Commenting on the results, Mukesh Ambani, chairman and managing director of Reliance Industries Limited said, “We have registered robust recovery in O2C and retail segment, and resilient growth in the digital services business. Sustained high utilisation rates across sites and improvement in downstream product deltas, as well as transportation fuel margins, aided O2C earnings growth. Our consumer businesses have proved to be a digital and physical lifeline for the nation in these challenging times.”

“These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the COVID crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic,” he added.

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