RIL's consolidated net profit up 30.6% in Q1FY21

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SME Times News Bureau | 30 Jul, 2020
Reliance Industries Ltd (RIL) on Thursday reported a rise of 30.6 per cent, including the effect of ‘exceptional items, in its consolidated net profit for the quarter ended June 30 of FY 2020-21 on a year-on-year (YoY) basis.

The company's consolidated net profit during the first quarter of FY21 rose to Rs 13,248 crore.

"The company successfully completed India's largest ever ‘Rights Issue' of Rs 53,124 crore (oversubscribed by 1.59 times) -- the world's largest by a ‘Non-Financing Institution' in last ten years," the company said in a statement.

"Jio Platforms Limited, a wholly owned subsidiary of Reliance Industries Limited, raised Rs 152,056 crore from leading global investors including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures in just three months," it added.

As per the statement, BP invested Rs 7,629 crore for a 49 per cent stake in the company's fuel retailing business.

The company's revenue for the quarter was Rs 100,929 crore.

"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," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

"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," he added.