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Business EconomyPosted at: Jul 30 2020 9:00PM


Reliance Industries Q1 net up by 30.57 pc

Mumbai, Jul 30 (UNI) Mukesh Ambani-led Reliance Industries (RIL) on Thursday registered a 30.57 per cent rise in its net profit at Rs 13,233 crore in the quarter ended June 30 as compared with a net profit of Rs 10,104 crore in the corresponding quarter last year.

Reliance Industries' profit jumped despite a decline in revenue, on the back of a one-time gain of Rs 4,966 crore from global oil major BP's investment in its fuel retail business. BP invested Rs 7,629 crore for a 49 per cent stake in the company's fuel retailing business.
The coronavirus pandemic is causing "significant disturbance and slowdown of economic activity" globally and in India, Reliance Industries said in an exchange filing.
COVID-19 impacted the group's operations and revenue during the quarter, said Reliance Industries, which reported a decline of 44 per cent in revenue to Rs 91,238 crore in the first quarter of the current financial year.
"The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in our operations enabled us to operate at near-normal levels and deliver industry-leading results," said Mukesh Ambani, chairman and MD of Reliance Industries.
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