Reliance reports record profit

Reliance Industries Ltd (RIL) has reported record net profit of Rs 13,248 crore in June quarter after one-time gain from stake sale as well as bumper telecom revenues cushioned COVID-19-hit earnings from refining, petchem and retail segments.

The net profit in April-June was 30.6 per cent higher than it was in the same period a year back, and bettered the company’s previous best of Rs 11,640 crore earning in October-December 2019, the company said in a statement.

The oil-to-telecom conglomerate said it had a one-time gain of Rs 4,966 crore from sale of 49 per cent stake in fuel retailing venture to BP plc.

This together with 183 per cent jump in Reliance Jio’s standalone net profit to Rs 2,520 crore covered up drop in earnings from mainstay segments.

RIL Chairman Mukesh D Ambani said: “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”.