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

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.