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Home / Business News / Reliance Industries Q2 profit drops 15% as Covid-19 hit oil demand

Reliance Industries Q2 profit drops 15% as Covid-19 hit oil demand

The Indian oil, retail and telecoms conglomerate said on Friday consolidated profit slipped to 95.67 billion rupees ($1.29 billion) in the three months to Sept. 30 from 112.62 billion rupees a year earlier.

business Updated: Oct 30, 2020, 20:32 IST
Reuters | Posted by Shivani Kumar
Reuters | Posted by Shivani Kumar
Bengaluru
Mukesh Ambani, chairman of Reliance Industries.
Mukesh Ambani, chairman of Reliance Industries.(REUTERS)

Billionaire Mukesh Ambani-led Reliance Industries Ltd’s profit fell 15% in the September quarter as the coronavirus crisis crushed demand at its dominant oil refining and petrochemicals businesses.

Reliance said on Friday consolidated profit slipped to 95.67 billion rupees ($1.29 billion) in the three months to Sept. 30 from 112.62 billion rupees a year earlier. Analysts on average had expected 85.48 billion rupees, Refinitiv data showed.

Refining revenue dipped 36%, said Reliance, which operates the world’s biggest oil refining complex. Petrochemicals revenue fell 23%.

Meanwhile, Reliance’s Jio telecom unit - India’s largest by subscribers - continued to be a bright spot as revenue surged 33%.

Overall, revenue from operations for Reliance slid 24% to 1.16 trillion rupees.

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