Corrected: India's Reliance net profit rises in Oct-Dec despite drop in revenue

Author: Nurluqman Suratman

2021/01/25

SINGAPORE (ICIS)--Reliance Industries Limited's (RIL) net profit rose by 13% year on year in the three months to 31 December 2020 despite a drop in revenue, the Indian chemicals major said late on Friday.

Indian Rupee (Rp) crore Oct-Dec 2020 Oct-Dec 2019 % change April-December 2020 April-December 2019 % change
Net revenue 137,829 169,221 -19% 367,143 508,536 -28%
EBITDA 26,094 26,088 0% 70,978 76,394 -7%
Net profit 13,101 11,640 13% 35,901 33,006 9%

- Overall expenses fell year on year in the quarter ended 31 December 2020.
- RIL reported for the first time its oil-to-chemical (O2C) business as a separate unit. The O2C unit houses RIL's refinery, petrochemical and retail fuel businesses.
- The O2C unit's EBITDA fell by 31% year on year in the three months to 31 December last year.