Reliance Industries Ltd on Thursday reported a better-than-expected net profit of Rs 13,248 crore in the June quarter on the back of exceptional income.
Net profit was Rs 10,141 crore in the same period a year back, the company said in a regulatory filing.
The company said it recognised an exceptional gain of Rs 4,966 crore from stake sale.
Revenue for the quarter was Rs 100,929 crore and EBITDA stands at Rs 21,585 crore. Despite lockdown due to COVID, Net Profit including exceptional items for the quarter was higher by 30.6% Y-o-Y at Rs 13,248 crore. Cash Profit was also higher by 16.7% Y-o-Y at Rs 18,893 crore and EPS including exceptional items for the quarter was Rs 20.7 per share, increased 22.1% Y-o-Y.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am humbled and inspired by the exemplary commitment and empathy of the Reliance family during the Covid-19 pandemic. 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 industryleading results."
He added, "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. We completed the largest fund raise in Indian Corporate history in this quarter. I thank the millions of individual investors who supported our Rights Issue and welcome all our new partners to an exciting new phase of growth at Reliance.”