RIL Q3 Results: PAT rises 12.5% YoY, beats estimates; sales slump 21%

RIL Q3 Results: PAT rises 12.5% YoY, beats estimates; sales slump 21%

MUMBAI: India’s largest listed company Reliance Industries today reported a 12.5 per cent year-on-year rise in its consolidated net profit to Rs 13,101 crore, which was above analysts’ estimates.

The oil-to-telecom conglomerate reported a consolidated revenues of Rs 1.2 lakh crore, up 21.10 per cent year-on-year.

The weak topline performance of the company was attributable to the continued struggles of the refining business.

Analysts had expected the city-based company to report a consolidated net profit of Rs 11,420 crore on consolidated revenues of Rs 1.27 lakh crore.

The revenues of the refining and petrochemical business, which contribute nearly two-thirds to the company’s topline, fell to Rs 83,838 crore in the reported quarter from Rs 1.19 lakh crore, a year ago.

RIL’s refining business has suffered due to the impact of the Covid-19 pandemic on demand for transportation fuel, which occupies the maximum pace in the company’s refining slate.

The revenues of the digital services operations rose to Rs 23,678 crore from Rs 17,849 crore a year ago, suggesting that the telecom business continued to lead growth for the company.

Sales of the organised retail business of the company under Reliance Retail Venture fell to Rs 36,887 crore in the quarter from Rs 45,348 crore a year ago, reflecting weakness in the retail operations due to localised restrictions.

Shares of Reliance Industries ended 2.4 per cent lower at Rs. 2,049.60 on the National Stock Exchange.

“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,” managing director and chairman Mukesh Ambani said.

“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,” he added.

…More to come

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