RIL posts consolidated net profit of Rs 53,739 crore, up 34.8 pc

Oil major Reliance Industries (RIL) has reported consolidated net profit of Rs 53,739 crore for the fiscal year ending March 2021, up 34. 8 per cent for the previous fiscal.

Profit after tax (after exceptional) increased by 34.8 per cent at Rs 53,739 crore ($ 7.4 billion) as against Rs 39,880 crore in the previous year.

The consolidated revenue for the year ending March 31 was Rs 5,39,238 crore, lower by 8.3 per cent as compared to Rs 6,59,997 crore in the previous year. The decrease in revenue was primarily due to lower volumes and realization across key products in O2C segment RIL said in its BSE filing.

For the quarter ending March 31, 2021, RIL achieved revenue of Rs 172,095 crore ($ 23.5 billion) as compared to Rs 137,829 crore in the trailing quarter.

A RIL release said the increase in revenue was primarily due to higher volumes in transportation fuels and better price realizations across O2C segment.

The robust performance by retail segment across all formats also added to growth in revenue. Exports (including deemed exports) from RIL's India operations increased by 47 per cent to Rs 46,406 crore ($ 6.3 billion) as against Rs 31,559 crore in the trailing quarter due to higher volume and price realizations, a RIL release said. Profit after tax (after exceptional) increased by 0.7 per cent Q-o-Q at Rs 14,995 crore ($ 2.1 billion) as against Rs 14,894 crore in the trailing quarter.

The release said that the outbreak COVID-19 pandemic globally and in India is causing significant disturbance and slowdown of economic activity.

The group's operations and revenue during the period were impacted due to COVID-19. The group has taken into account the possible impact of COVID-19 in preparation of the audited consolidated financial results, including its assessment of recoverable value of its assets based on internal and external information up to the date of approval of these audited consolidated financial results and current indicators of future economic conditions.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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. Our 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," he said.

"We have registered robust recovery in O2C and retail segment, and resilient growth in Digital Services business. Sustained high utilization 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," he added.

He said Jio's high-speed connectivity services enabled millions of Indians work from home, study from home and even receive healthcare from home.

"Reliance Retail ensured safe supplies of essentials goods and services to customer homes. And while COVID-19 has disrupted livelihoods, we have added nearly 75,000 jobs to the economy, while ensuring the health and safety of our employees and their families. I also want to express my deepest gratitude to the scientists, doctors, nurses, police, volunteers and many others who are fighting on the frontlines, risking their own lives, so that we remain safe and protected. We all owe a great deal to them. I am sure we are going to ultimately win the fight against COVID-19. Because each one of us is engaged in this fight and the human spirit to fight and survive is greater than any disease or pandemic. With our collective effort, India will eventually triumph over the crisis and emerge stronger, bigger and better than ever before," he said.

( With inputs from ANI )