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Reliance Industries net profit rises 12.5{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} to Rs 13,101 crore in Q3


Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a 12.5 per cent rise in consolidated net profit to Rs 13,101 crore for the quarter ended December, 2020 compared to Rs 11,640 crore during the same period a year ago. The net profit was Rs 9,567 crore in September(2020) quarter.

Consolidated net revenue came in at Rs 1.23 trillion in December quarter compared to Rs 1.57 trillion during the year-ago period, the company said in a filing. The revenue was Rs 1.16 trillion crore in the September quarter 2020.

The company’s digital arm Reliance Jio profit came in at Rs 3,489 crore.

Reliance, which operates the world’s largest refining complex, said revenue from the oil-to-chemicals division fell nearly 30 per cent in the quarter from a year earlier. The business houses Reliance’s oil refining and petrochemicals operations.

The company’s total expenses fell 22 per cent.

“The Group’s operations and revenue during the period were impacted due to Covid-19. We have taken into account the possible impact of Covid-19 in preparation of the unaudited consolidated financial results, including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of these unaudited consolidated financial results and current indicators of future economic conditions,” the company said in a filing.

Shares of Reliance Industries ended 2.4 per cent lower on Friday.

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