Reliance Industries Q2 net profit falls 15% to Rs 9,567 crore – Times of India

NEW DELHI: Reliance Industries Limited (RIL) on Friday reported a 15 per cent fall in it consolidated net profit for the second quarter (Q2) ended September 2020 mainly on account of dampened demand at its dominant oil refining and petrochemicals business.
The company posted a net profit of Rs 9,567 crore in Q2 as against a profit of Rs 11,262 crore posted in the same period last year.
In terms of quarter-on-quarter growth, RIL reported a 27.7 per cent decline in its net profit in the period under consideration as compared to Rs 13,233 crore recorded in the previous quarter ended June 30, 2020.
Reliance — which operates the world’s biggest oil refining complex — reported a 36 per cent dip in revenue from its refining business. While, revenue from its petrochemical business fell by 23 per cent.
Meanwhile, RIL’s telecom arm Jio Platforms posted nearly three-fold jump in its net profit to Rs 2,844 crore in Q2 as against a profit of Rs 990 crore in the corresponding period last year. While, its revenue from operations increased by 33 per cent to Rs 17,481 crore during the just-ended quarter, compared to Rs 13,130 crore in the same period of 2019-20.
Shares of Reliance closed 1.37 per cent higher at Rs 2,054 on the BSE. While, it finished 1.85 per cent lower at Rs 2,064 on the NSE.