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Reliance Industries Ltd doubles Q4 net profit to Rs 13,227 cr

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The Reliance Industries Ltd (RIL) on Friday reported a 108 percent growth in its consolidated net profit for the January-March quarter at Rs 13,227 crore.

During the same quarter of FY20, the company had reported a net profit of Rs 6,348 crore.

The company said in a regulatory filing that Rs 13,227 crore is the net profit attributable to the owners of the company.

The oil-to-telecom giant reported a revenue from operations of nearly Rs 1.55 lakh crore, 11 per cent higher on a year-on-year basis, during the period under review.

Regarding the performance of Reliance Retail, the company said in a statement that grocery and fashion & lifestyle registered all-time high revenues and the strong growth in consumer electronics was bolstered by higher Jio devices sales.

The digital commerce business led by JioMart continued to scale up on portfolio, traffic and customer base, while New Commerce continued to onboard merchant partners across consumption baskets with extended geographical coverage, it said.

RIL also said that it created nearly 75,000 jobs during the last financial year.

RIL Chairman and Managing Director Mukesh Ambani said: “These are extraordinarily challenging times for India. Our immediate priority is to help our country and community tide over the Covid crisis. We have deployed our best resources in strengthening the nation’s fight against the pandemic.”

He added that RIL’s facilities in Jamnagar are producing lifesaving medical grade oxygen, which is the crucial need of the hour in many states.

“We have also taken urgent steps to bolster the nation’s capacity to swiftly transport medical oxygen. These efforts complement our other initiatives such as distributing free meals to the needy, supplying PPEs to frontline workers and setting up world class Covid-care facilities,” he said.

Ambani also noted that the company has registered robust recovery in O2C and retail segment, and resilient growth in digital services business.

“Sustained high utilisation rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth. Our 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 work from home, study from home and even receive healthcare from home,” he said.

“And while COVID-19 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 added.

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