Mumbai : Oil to Retail conglomerate Reliance Industries on Friday reported 15 per cent drop in its net profit at Rs. 9567 crore in the second quarter as against Rs. 11,262 crore in the corresponding quarter of 2019-20. The drop in net profit is being attributed to weak demand in the petroleum sector.
The Mukesh Ambani controlled company’s consolidated net revenue fell by 24.25% to Rs.1.16 trillion in July-September quarter of FY21, compared to Rs. 1.53 trillion in the corresponding quarter.
On standalone basis, the net profit fell 32.53% YoY to Rs. 6,546 crore, while revenue dipped 32.78% to Rs. 61,246 crore.
Meanwhile, Reliance Jio’s net profit grew by 12.85% to Rs. 2844 Crore. The Telecom firm posted a net profit of Rs. 2520 crore in the June quarter.
“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” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.
“Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity.”