Reliance profits fuelled by Jio

INDIAN conglomerate Reliance Industries last Friday (22) said its profit soared 12.5 per cent during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.

The Mumbai-based oil-totelecom behemoth, which is owned by Asia’s richest man, Mukesh Ambani, said its consolidated profit rose to more than `131 billion (£1.3bn) in the last three months of 2020 from around `117bn a year earlier.

The 12.5 per cent growth figure was in line with the market estimates after a 15 per cent fall in its quarterly profits during the quarter ending September 2020.

The company said its operating revenues fell 22 per cent to `1.23 trillion for the quarter, while oil-to-chemical revenues plunged over 28 per cent despite witnessing some improvement. “At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it...,” Ambani stated.

The company recorded a strong growth in its telecom arm Jio, with profits soaring 15.5 per cent in the OctoberDecember 2020 period.