Reliance Q3 web revenue up 12% at Rs13,101 crore

New Delhi, January 22

Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) on Friday reported a better-than-expected 12% rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.

Consolidated net profit in October-December stood at Rs 13,101 crore, compared to Rs 11,640 crore net earning in the same period a year back, the company said.

Jio profit rises 15.5% to Rs3,489 crore

  • Jio Platforms recorded 15.5% quarter-on-quarter rise in net profit to Rs3,489 crore for October-December 2020
  • It had a net profit of Rs3,020 crore in the previous quarter

  • Revenue stood at Rs22,858 crore in the Oct-Decquarter

  • Jio reported user base of 41 crore as of December, 2020

While oil-to-chemical or O2C business improved quarter-on-quarter, it was lower than year-ago earnings but this was more than made good by a spurt in consumer-facing businesses of telecom and retail which now contribute to 51% of earnings as compared to 37% a year back.

About 56% of the pre-tax profit of Rs 8,483 comes from Jio and Reliance Retail.

Net income increase was further aided by a 20% year-on-year decline in finance expenses due to cash coming in the digital unit, Jio Platforms and Reliance Retail from Google/financial investors respectively. Revenue was down 18.6% at Rs 137,829 crore.

Meanwhile, Jio, the telecom arm, posted a 15.5% quarter-on-quarter rise in net profit to Rs 3,489 crore as it added over 25 million subscribers and per user income rose to Rs 151 per month. — PTI

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