RIL Q3 results: Profit rises 12.5% to Rs 13,101 crore, revenue down 22%
RIL Q3 results: Revenue of Mukesh Ambani-led oil-to-telecom conglomerate fell by 22 per cent to Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore in the year ago period
- Jan 22, 2021,
- Updated Feb 4, 2021 10:13 AM IST
Reliance Industries Limited (RIL) on Friday reported 12.5 per cent year-on-year growth in consolidated net profit at Rs 13,101 crore for the third quarter ended December 31, 2020, on the back of strong rebound across all businesses. The company has posted a net profit of Rs 11,640 crore in corresponding period of last year, RIL said in a regulatory filing.
Consolidated revenue of Mukesh Ambani-led oil-to-telecom conglomerate fell by 22 per cent to Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore in the year ago period.
RIL, the country's most valued firm, said it supported job creation in the economy during the coronavirus crisis and generated over 50,000 new jobs during April-December 2020 in consumer businesses and last mile delivery.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "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 with our Company's impressive performance in the third quarter of FY21. 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."
Reliance said it has completed fundraising from selling minority stakes in Jio Platforms Ltd -- the unit that holds telecom and digital businesses, and Reliance Retail to global investors. It raised Rs 152,056 crore in Jio and Rs 47,265 crore in retail. A cumulative cash inflow of Rs 220,231 crore helped it turn into a net cash surplus company.
The company's gross debt declined to Rs 257,413 crore as of December 31, 2020, when compared to Rs 336,294 crore as of March 2020, while cash at hand rose to Rs 220,524 crore from Rs 175,259 crore. Net debt stood at a negative (-) Rs 2,954 crore.
Ahead of Q3 earnings, shares of Reliance Industries ended 2.3 per cent lower at Rs 2,049.65, against previous closing price of Rs 2,097.85 on the Bombay Stock Exchange. During the day's trade, the stock fell as much as 2.3 per cent to hit an intraday low of Rs 2,035.20.
Reliance Industries Limited (RIL) on Friday reported 12.5 per cent year-on-year growth in consolidated net profit at Rs 13,101 crore for the third quarter ended December 31, 2020, on the back of strong rebound across all businesses. The company has posted a net profit of Rs 11,640 crore in corresponding period of last year, RIL said in a regulatory filing.
Consolidated revenue of Mukesh Ambani-led oil-to-telecom conglomerate fell by 22 per cent to Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore in the year ago period.
RIL, the country's most valued firm, said it supported job creation in the economy during the coronavirus crisis and generated over 50,000 new jobs during April-December 2020 in consumer businesses and last mile delivery.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "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 with our Company's impressive performance in the third quarter of FY21. 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."
Reliance said it has completed fundraising from selling minority stakes in Jio Platforms Ltd -- the unit that holds telecom and digital businesses, and Reliance Retail to global investors. It raised Rs 152,056 crore in Jio and Rs 47,265 crore in retail. A cumulative cash inflow of Rs 220,231 crore helped it turn into a net cash surplus company.
The company's gross debt declined to Rs 257,413 crore as of December 31, 2020, when compared to Rs 336,294 crore as of March 2020, while cash at hand rose to Rs 220,524 crore from Rs 175,259 crore. Net debt stood at a negative (-) Rs 2,954 crore.
Ahead of Q3 earnings, shares of Reliance Industries ended 2.3 per cent lower at Rs 2,049.65, against previous closing price of Rs 2,097.85 on the Bombay Stock Exchange. During the day's trade, the stock fell as much as 2.3 per cent to hit an intraday low of Rs 2,035.20.