The country’s largest conglomerate in terms of market capitalization reported consolidated revenues of Rs 1.54 lakh crore, up 11 per cent on-year and above Street’s expectations.
The company’s performance in the quarter was aided by the low base of the year-ago quarter when the national lockdown and a global pandemic crimped
’s earnings. In the year-ago quarter, the company’s energy business was severely affected as it had to write off inventory worth Rs 4,200 crore due to a steep fall in crude oil prices.
The company’s board also declared a final dividend of Rs 7 per share for the financial year ended March.
The outbreak of coronavirus pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The group’s operations and revenue during the period were impacted due to Covid-19, RIL said in an exchange filing.
The company’s performance in the quarter was boosted by a one-off gain of Rs 797 crore as against a one-time loss of Rs 4,267 crore in the year-ago quarter.
“We have registered a robust recovery in O2C (oil-to-chemical) and retail segment, and resilient growth in digital services business,” said Chairman and Managing Director Mukesh Ambani.
“Sustained high utilization rates across sites and improvement in downstream product deltas as well as transportation fuel margins aided O2C earnings growth,” Ambani said.
….More to come
