Reliance Industries reported on Friday that the company’s net profit declined by 15 percent in the second quarter. This is due to weak oil business and decline in chemical business. Reliance said in a stock market filing that it had a net profit of Rs 9,567 crore in July-September, compared to Rs 11,262 crore a year earlier. At the same time, the company’s revenue fell to Rs 1.2 lakh crore from Rs 1.56 lakh crore in the second quarter of FY20.
After the relaxation of the lockdown, the business of consumer units of the company was good but there is pressure in the core business. The company’s subscribers grew by 7.3 million and the user revenue rose to Rs 145, which gave the telecom business a heights. Digital services, which include telecom company Jio, grew its pre-tax profit by 53 per cent to Rs 8,345 crore. While the revenue increased by more than a third.
After a strict lockdown in the second quarter, with the gradual opening of the market, the revenue from retail business was almost flat at Rs 39,199 crore. And EBITDA fell 14 per cent to Rs 2,009 crore. Pharmaceutical revenue fell 23 per cent to Rs 29,665 crore. And pre-tax profit fell by 33 per cent to Rs 5,964 crore.
