Business

Reliance Industries Q4 Results: Net Profit Doubles to Rs 13,227 Crore

Reliance Industries on Friday reported a 108.4% year-on-year increase in consolidated net profit to Rs 13,227 crore for the quarter ended in March. The oil-to-telecom conglomerate posted a net profit of Rs 6,348 crore during the same period last year.

Revenue from the operations rose 11% year-on-year to Rs 1,54,896 crore during the fourth quarter of FY21. Mukesh Ambani-led company reported announced dividend of Rs 7 per share.

The revenues in the dominant oil-to-chemicals (O2C) business rose 4.4% to Rs 1.01 lakh crore in Q4FY21 from Rs 96,732 crore in the same period last year (Q4FY20). The revenues from digital services surged to Rs 22,628 crore in Q4FY21, compared to Rs 19,153 crore in the same quarter last year. The revenues of the retail business were at Rs 41,296 crore for the March quarter.

Commenting on the March quarter results, Mukesh D. Ambani, chairman and managing director, Reliance Industries Limited said, “We have registered robust recovery in O2C and retail segment, and resilient growth in Digital Services business. Sustained high utilization rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth. Our consumer businesses have proved to be a digital and physical lifeline for the nation in these challenging times.”

Reliance Jio Platforms posted a net profit Rs 3,508 crore during Q4FY21. Jio Platforms registered a 47% year-on-year rise in net profit to Rs 3,508 crore during the quarter under review. The revenue from operations rose to Rs 18,278 crore in Q4FY21. Jio’s ARPU during the quarter came in at Rs 138.2 per subscriber per month in March quarter.

“Jio’s high-speed connectivity services enabled millions of Indians work from home, study from home and even receive healthcare from home. Reliance Retail ensured safe supplies of essentials goods and services to customer homes,” Reliance chairman said.

“Jio has ensured zero impact on network despite minimum staff and COVID related restrictions due to high degree of automation and network virtualisation. Digital initiatives like Jio Associate Program undertaken over the past year continue to enhance customer outreach and ensure continuity of recharges/ services,” the company said in a statement.

“And while COVID-19 has disrupted livelihoods, we have added nearly 75,000 jobs to the economy, while ensuring the health and safety of our employees and their families,” he added.

“These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the COVID crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic,” Ambani added.