Reliance’s Q3 net profit rises over 25 per cent

Reliance Industries Limited (RIL) on Friday reported a rise of over 25 per cent in its consolidated net profit for the quarter ended December 31 of FY2020-21 on a year-on-year (YoY) basis.

The company’s consolidated net profit during the third quarter of FY21 increased to Rs14,894 crore from Rs11,841 crore reported for the corresponding period of the previous fiscal.

The consolidated net profit attributable to owners of the company fell to Rs13,101 crore from Rs11,640 crore reported for the corresponding quarter of the previous fiscal.

As per the results, revenue for the quarter under review grew by 7.4 per cent to Rs137,829 crore on a year-on-year basis.

“We have delivered strong operational results during the quarter with a robust revival in ‘O2C’ and ‘Retail’ segments, and a steady growth in our ‘Digital Services’ business. I am proud that Reliance has employed 50,000 more people since March 2020,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

“I am especially pleased that the world is now closing ranks for a strong global action on Climate Change. This gives Reliance the right opportunity to accelerate our own ambitious ‘New Energy’ and ‘New Materials’ business wedded to the vision of clean and green development,” he added.

According to the RIL CMD, in line with this vision, the company’s oil-to-chemicals (O2C) business has formally reorganised its reporting segments to reflect new strategy and management matrix for this enterprise.