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Reliance profit soars despite oil business slump

Published : Sunday, 24 January, 2021 at 12:00 AM  Count : 68

MUMBAI, Jan 23: Indian conglomerate Reliance Industries on Friday said that its profit soared 12.5 per cent during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.
The Mumbai-based oil-to-telecom behemoth -- which is owned by Asia's richest man, Mukesh Ambani -- said its consolidated profit rose to over 131 billion rupees ($1.79 billion) in the last three months of 2020 from around 117 billion rupees a year earlier.
The 12.5 per cent growth figure was in line with the market estimates after a 15 per cent fall in its quarterly profits during the quarter ending September 2020.
The company said its operating revenues fell 22 per cent to 1.23 trillion rupees for the quarter, while oil-to-chemical revenues plunged over 28 per cent despite witnessing some improvement in the sector.    -AFP

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