RIL Q4 Results: Reliance Announces India's Biggest Rights Issue of Rs 53,125 Crore, Jio Profit Zooms 177%

Reliance Industries, the country's largest listed company by market capitalisation on April 30 reported a consolidated profit of Rs 6,348 crore during January-March quarter 2020. The consolidated profit in the previous quarter was Rs 11,640 crore and in the corresponding quarter last year, it was Rs 10,362 crore.

Revenue from operations for the March quarter stood at Rs 136,000 crore, against Rs 152,939 crore in December quarter and Rs 138,659 crore in the year-ago period.

Net profit of Reliance Jio saw a 177 per cent jump in fourth quarter to Rs 2,331 crore. The telecom venture of billionaire Mukesh Ambani had logged a net profit of Rs 840 crore in the same quarter a year back.

Here are some key points from the announcement:

RIL announces India’s biggest rights issue of Rs 53,125 Crore – ratio of 1:15 at a price of Rs 1,257 per share. Rights issue to enable participation of all shareholders in growth businesses of Reliance.

Digital business shows big growth with record quarterly EBITDA of Rs 6,452 crore, up 42.9 per cent year-on-year. Record annual revenue rise of 40.7 per cent for digital services and 24.8 per cent for retail business.

RIL announces dividend of Rs 6.50 per share.

Strong investor interest in Jio Platforms after Rs 43,574 investment by Facebook for a 9.99% stake. Jio also receives interest from other global investors for similar sized additional stake.

Saudi Aramco due diligence process on track, the company says.

CMD Mukesh Ambani leads cost optimisation at RIL, will to forego salary till Covid-19 impact abates.