The country’s most valuable company – Reliance Industries – on Friday reported that its net profit rose 13 per cent to Rs 13,101 crore in quarter ended December 2020 from Rs 11,640 crore during the corresponding period a year ago. Its revenue from operations however, declined 21 per cent to Rs 1.24 lakh crore.
The oil-to-telecom giant posted its highest ever quarterly profit as total expenses fell sharply during the quarter. Total expenses declined 22 per cent annually to Rs 1.13 lakh crore from Rs 1.45 lakh crore in the year ago period.
Commenting on results Mukesh Ambani, Chairman and Managing Director of Reliance Industries in a statement said: “At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company’s impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and Retail segments, and a steady growth in our Digital Services business. I am proud that Reliance has employed 50,000 more people since March 2020.”