Reliance Industries Limited (RIL) reported a 30.97 percent year-on-year increase in net profit at Rs 13,233 crore largely on account of a significant increase of 54 percent growth in other income at Rs 4,388 crore.
The conglomerate made a one-time gain of Rs 4,966 crore on investment by British oil major BP in its fuel marketing business, that is, Reliance BP Mobility Services.
“The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industry leading results,” said Mukesh Ambani, Chairman and Managing Director.
“Our consumer facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential goods and services through the lockdown,” he added.
Excluding the exceptional one time gain, RIL’s consolidated profit for the June ended quarter rose 102.4 percent from the previous quarter and 30.6 percent from a year ago.RIL closed 0.61 percent higher at Rs 2,139 per share on BSE ahead of the results.
