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Reliance Industries’ Q3 consolidated net profit rises over 25% to Rs 14,894 crore

The Statesman logo The Statesman 23-01-2021 SNS Web
logo: Reliance Industries’ Q3 consolidated net profit rises over 25% to Rs 14,894 crore © Provided by The Statesman Reliance Industries’ Q3 consolidated net profit rises over 25% to Rs 14,894 crore

Reliance Industries Ltd’s quarterly profit jumped over 25 per cent as company witnessed a revival in its oil-to-chemical business unit and ‘Retail’ segments, along with steady growth in its ‘Digital Services’ business.

The conglomerate on Friday reported the consolidated net profit during the third quarter of FY21 at Rs 14,894 crore from Rs 11,841 crore reported for the corresponding period of the previous fiscal.

As per company’s exchange filing, the consolidated net profit attributable to owners of the company fell to Rs 13,101 crore from Rs 11,640 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 Rs 137,829 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 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 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.

“The reorganised structure will facilitate holistic and agile decision making and enable us to pursue attractive new opportunities for growth, with strategic partnerships with the best and the biggest in this business globally,” he said.

Besides, he said the O2C platform will increasingly move further downstream and become closer to customers.

He further said it will create planet friendly and affordable energy and materials solutions to meet the growing needs of every sector of the Indian economy.

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