Reliance Industries posts Rs 13,248 Cr net profit for June qtr

Reliance Jio on Thursday posted nearly 183 percent jump in its net profit to Rs 2,520 crore for the June quarter.

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.

The 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 exceptional gain of Rs 4,966 crore from stake sale.

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, RIL 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 industry leading results. Our consumer facing businesses became the lifeline 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,” he added

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

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.

Reliance Jio on Thursday posted nearly 183 percent jump in its net profit to Rs 2,520 crore for the June quarter.

The net profit stood at Rs 891 crore in the corresponding quarter previous year.

Jio's operating revenue for the Q1 FY21 grew 33.7 percent year-on-year to Rs 16,557 crore.

Its total customer base as on June 30, 2020 stood at 398.3 million, and average revenue per user (ARPU) during the quarter was Rs 140.3 per subscriber per month.

Jio Platforms with partnerships across promising Indian startups and globally-renowned technology companies is set to drive the next leg of hyper growth for digital businesses, Ambani said.

"Our growth strategy is aimed at meeting the needs of all the 1.3 billion Indians. We remain focused on playing a leading role India's transformation into a Digital Society," he said.

(Disclaimer: Additional background information has been added to this PTI copy for context)

Edited by Kanishk Singh