(Milcah Anila, Intern Journalist) NEW DELHI: Industrial giant Reliance Industries’ net profit fell in the second quarter of this fiscal on the back of a sharp decline in revenue from the key oil and chemicals segment. Profit fell 15 percent to Rs. 9,567 crore. Profit for the same period last fiscal was Rs. 11,262 crores. The income is also Rs. 1.56 lakh crore to Rs. 1.2 lakh crore. Despite the decline in the oil and chemicals business, telecom and other businesses performed better.
Reliance revealed that Covid-19 had an impact on the Group’s operations and revenue in the second quarter. On the other hand, Reliance Industries CMD Mukesh Ambani said that better results could be achieved sequentially. “With the recovery of the petrochemicals and retail sector and the steady growth of the digital services business, we have been able to improve our management and financial performance compared to the previous quarter.
With the significant increase in domestic demand, most of the products business has almost reached the pre-Covid level, ”he said. At the end of September, Reliance Industries’ gross debt burden stood at Rs. 2,79,251 crore. In the previous quarter, it was Rs. 3,36,294 crores. And Rs. 1,85,711 crore cash reserves, Rs. 30,210 crore as well as Rs. Taking into account Rs. 73,586 crore, the company has about Rs. There will be a surplus of Rs 10,256 crore.
Petrochemicals revenue down 23%
Petrochemicals segment revenue fell 23 percent to Rs. 29,665 crores. Pre-tax profit fell 33 percent to Rs. 5,964 crore. Refining Business Income Rs. 97,229 crore to Rs. 62,154 crore. Oil and gas segment revenue was Rs. 790 crores to Rs. 355 crores. The refining margin is $ 5.7 per barrel of crude oil.
Reduced retail revenue
In Q2, Reliance’s retail revenue fell by about 5 percent to Rs. 39,199 crore. Operating profit fell nearly 14 percent to Rs. 2,009 crores. The retail sector has grown by about Rs. Mobilized investments of Rs 37,710 crore. Giants like Silver Lake, KKR, TPG, General Atlantic have invested. Reliance shares rose over 1% to Rs. Ended at 2,054.
Jio Zoom
Reliance Telecom division Geo profit almost tripled. Rs. 2,844 crores. Profit for the same period last year was Rs. 990 crores.
Revenue rose by about 33 percent to Rs. 13,130 crore to Rs. 17,481 crores. With Q2 adding 73 lakh new subscribers, the revenue per user is Rs. Reached 145. The business revenue of digital services including Jio is Rs. 16,717 crores to Rs. 22,679 crore.
About Post Author
