The Business Bytes
TBB BUREAU
MUMBAI, APRIL 30, 2021
Reliance Industries Limited (RIL) on Friday reported a 108 per cent growth in its consolidated net profit for the January-March quarter (Q4) of financial year 2020-21 (FY21) at Rs 13,227 crore as against a net profit of Rs 6,348 crore in Q4FY20.
The oil-to-telecom giant reported a revenue from operations of nearly Rs 1.55 lakh crore, 11 per cent higher on a year-on-year basis, during the period under review.
RIL Chairman and Managing Director Mukesh D. Ambani said: “These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the Covid crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic.”
He added that RIL’s facilities in Jamnagar are producing lifesaving medical grade oxygen, which is the crucial need of the hour in many states.
“We have also taken urgent steps to bolster the nation’s capacity to swiftly transport medical oxygen. These efforts complement our other initiatives such as distributing free meals to the needy, supplying PPEs to frontline workers and setting up world class COVID-care facilities. To me, these contributions are far more satisfying than our Company’s strong, overall operational and financial performance for the year,” said Ambani.
The RIL Chairman further said that the company has registered robust recovery in O2C and retail segment, and resilient growth in digital services business.
“Sustained high utilisation rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth. Our consumer businesses have proved to be a digital and physical lifeline for the nation in these challenging times. Jio’s high-speed connectivity services enabled millions of Indians work from home, study from home and even receive healthcare from home,” he said.
