Mumbai, October 30: Mukesh Ambani’s Reliance Industries’ annual net profit in the quarter ended September 30 declined by 15 percent. On Friday, Reliance Industries reported that its annual net profit decreased to Rs 9,567 crore. In the corresponding year last year, the company recorded a profit of Rs 11,262 crore. Reliance Industries Ltd Becomes India's First Company to Cross $200 Billion Market Cap; Check List of World's Top 5 Firms With Highest M-Cap Value.
According to Reliance, refining revenue also dipped by 36 percent. Notably, Reliance operates the world’s biggest oil refining complex. Its petroleum revenue also fell by 23 percent. Notably, Reliance Jio’s revenue increased by 33 percent. Mukesh Ambani Wants India To Become A Digital Society, Reliance Industries Chairman Wishes to Boost India's Education System And Transform Energy Sector.
Reliance said that its revenue declined due to COVID-19 pandemic. "We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in Digital Services business... Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country," reported NDTV quoting Mukesh Ambani as saying.
Reliance Jio Infocomm's revenue increased by 42 percent to Rs 17,481 crore. Jio reported a net profit of Rs 2844 cr crore in the second quarter. Net profit of the telecom arm of Jio platforms increased to 12.9 percent at Rs 2,844 crore compared to Rs 2,520 crore quarter-on-quarter. Reliance Retail Ventures also recorded a profit of Rs 973 crore.
(The above story first appeared on LatestLY on Oct 30, 2020 09:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).