Reliance Industries Q1 net profit jumps 31% to Rs 13,233 crore; Jio Q1 profit surges 183%

NEW DELHI: Reliance Industries Limited (RIL) on Thursday reported a 31 per cent jump in its consolidated net profit for the first quarter (Q1) ended June 2020. While, its digital arm Jio posted a 182.8 per cent jump in it net profit for the period under consideration.
RIL posted a profit of Rs 13,233 crore in Q1 as against a profit of Rs 10,104 crore posted in the same period later year, the company said in a regulatory filing.
In terms of quarter-on-quarter growth, RIL posted a 108 per cent rise in net profit as compared to Rs 6,348 crore recorded for the fourth quarter ended June 30, 2020.
The company said it recognised exceptional gain of Rs 4,966 crore during the quarter, reflecting BP's deal to forge a fuel retailing joint venture the firm last year.
However, the oil-to-telecom major reported a 44 per cent slump in its revenue from operations to Rs 91,238 crore in Q1 as against Rs 1,62,353 crore posted in Q1 last year mainly due to losses in the company's oil refining business as coronavirus lockdowns slammed global energy demand.
Meanwhile, Reliance Jio posted a three-fold jump in its net profit at Rs 2,520 crore in Q1 as against a profit of Rs 891 crore in the same period last fiscal.
Jio Platforms has raised Rs 1,52,056 crore to bolster Jio's initiatives towards delivering breakthrough technologies and building world's leading digital services platform, the company said in a regulatory filing.
Commenting on the results, Mukesh Ambani, chairman and managing director, RIL 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. 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."
“Jio started with a vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. Thirteen investors, which include the largest technology companies and investors globally, now share a common vision with us," he added.
Referring to RIL's largest fund raise in Indian corporate history, Ambani thanked the millions of investors who supported its rights issue and welcomed all new partners to an exciting new phase of growth at Reliance.
Jio's operating revenue for the Q1 FY21 grew 33.7 per cent year-on-year to Rs 16,557 crore. Its total customer base as on June 30, 2020 stood at of 398.3 million, and average revenue per user (ARPU) during the quarter was Rs 140.3 per subscriber per month.
Shares of Reliance Industries finished 12.80 points higher at Rs 2,108 on the BSE. While, it settled 5.25 points up at Rs 2,102 on the NSE.