Reliance posts record profit

Net rises to `13,248 cr in June quarter

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New Delhi, July 30: Reliance Industries Ltd (RIL) on Thursday reported record net profit of Rs

13,248 crore in the June quarter after one-time gain from stake sale as well as bumper telecom revenues cushioned Covid-19-hit earnings from refining, petchem and retail segments.

The net profit in AprilJune was 30.6 per cent higher than it was in the same period a year back, and bettered the company's previous best of Rs 11,640 crore earning in OctoberDecember 2019, the company said in a statement.

The conglomerate said it had a one-time gain of Rs

4,966 crore from sale of 49 per cent stake in fuel retailing venture to BP plc.

This together with 183 per cent jump in Reliance Jio's standalone net profit to Rs 2,520 crore covered up drop in earnings from mainstay segments.

Ebitda (earnings before interest, taxes, depreciation, and amortisation) declined by 11.8 per cent to Rs 21,585 crore “due to lower contribution from oil-to-chemical (O2C) business, which was impacted by significant demand destruction and margin pressure across transportation fuels and polyester chain.”

Also, lower realisation in the export market also impacted profitability.

"Closure of stores and restrictions on operations across the country due to

Covid-19 contributed to a

decrease in Ebitda of Retail business. This was partially offset by an increase in Ebitda of Digital services business due to improved margins and continued subscriber momentum," it said.

RIL chairman Mukesh D

Ambani said: "The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industryleading results".