Reliance profit rises on BP deal gain; revenue slides 44% on oil hit
Reliance Industries Ltd’s
Reliance, led by Asia’s richest man Mukesh Ambani, said on Thursday its consolidated profit rose to 132.33 billion rupees ($1.77 billion) in the three months to June 30, from 101.04 billion rupees a year earlier.
Analysts on average had expected 74.57 billion rupees, according to Refinitiv data. It was not immediately clear if the figures were comparable.
Reliance booked a one-time gain of 49.66 billion rupees ($663 million) during the quarter, reflecting BP’s deal to forge a fuel retailing joint venture with the Mumbai-headquartered firm last year.
However, revenue from operations at India’s largest company by market value slumped nearly 44% to 912.38 billion rupees, hurt by losses in the company’s oil refining business as coronavirus lockdowns slammed global energy demand.
Revenue from the refining unit fell 54%, said Reliance, which operates the world’s biggest oil refining complex.
Still, its Jio telecom unit - India’s biggest by subscribers - continued to remain a bright spot as revenue from the business jumped 33.7% during the quarter.