New Delhi: Reliance Industries Ltd on Friday reported its highest-ever quarterly consolidated net profit of Rs 11,640 crore or $1.6 billion for the quarter ended December 31, 2019, rising by 13.5 per cent on a year-on-year basis.
A strong performance across refining, Jio and retail pushed higher the consolidated net profit on a year-on-year basis.
The company had reported a consolidated net profit of Rs 10,251 crore during the corresponding period of financial year 2018-19.
According to the company, the net profit which represents the owner's share includes an exceptional item - an expense of Rs 177 crore on account of liability towards license fees.
The company's net profit for the quarter, excluding the impact of exceptional item, would have been Rs 11,817 crore.
However, RIL's revenue during the quarter under review decreased by 1.4 per cent to Rs 1,68,858 crore or $23.7 billion from Rs 1,71,300 crore reported for the quarter ended December 31, 2018.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "The third quarter results for our energy business reflects the weak global economic environment and volatility in energy markets."
"Within our O2C chain, downstream petrochemicals profitability was impacted by weak margins across products with subdued demand in well-supplied markets. Refining segment performance improved in a difficult operating environment given our continuous focus on cost positions, high operating rates and product placement."
