Reliance Industries Ltd (RIL) more than doubled its March quarter consolidated net profit from a year ago to 14,995 crore, even as revenue rose a more sedate 14% to 1.72 lakh crore. For 2020-21, (reliance share price)  consolidated net profit came in at 53,739 crore, up 35% from 39,880 crore a year ago, while consolidated revenue fell from 659,997 crore to 539,238 crores.


The decrease in revenue from a year earlier was primarily due to lower volumes and realization across key products in the oil-to-chemicals, or O2C, segment. The retail segment also reported lower revenue due to the pandemic. This, however, was partially offset by higher revenue from the digital services segment on account of continued subscriber traction and higher Arpu (average revenue per user), the company said.

“We have registered robust recovery in O2C and retail segment, and resilient growth in digital services (reliance share price)   business. Sustained high utilisation rates across sites and improvement in downstream product deltas, as well as transportation fuel margins, aided O2C earnings growth,” Mukesh Ambani, chairman and managing director of RIL, said in a note.

Ambani said RIL’s consumer businesses have proved to be a digital and physical lifeline for the nation in these challenging times. Jio’s high-speed connectivity services enabled millions of Indians to work from home, study from home and even receive healthcare from home.

“Reliance Retail ensured safe supplies of essential goods and services to customer homes. And while (reliance share price)   covid has disrupted livelihoods, we have added nearly 75,000 jobs to the economy while ensuring the health and safety of our employees and their families,” Ambani said.

RIL’s operating profit, however, decreased by 4.6% to 97,580 crore from 1.02 lakh crore in the previous year, primarily due to lower contribution from O2C businesses, which was impacted by pandemic-related demand destruction in the first half of last fiscal, RIL said.

RIL shares rose 1.42% to 1,994.45 on BSE, ahead of its earnings announcement.

The company has announced a dividend of 7 per share.

Cash and cash equivalents as of March 31 stood at 2.54 lakh crore, higher than the outstanding debt of 2.52 lakh crore, the company said.