Consumer business drives Reliance Industries Q1 show, net up 6.8 %

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Published: July 20, 2019 7:04:38 AM

Revenues for the June quarter of FY20 increased 22.1% to Rs 172,956 crore, which were led by sharp increase in revenue from digital services and retail businesses.

The operating environment for both the downstream businesses, refining and petchem has been challenging for the last six quarters and the first quarter was tougher due to geopolitical exacerbating crude markets.

Reliance Industries (RIL), the country’s most valuable company by market cap, reported a 6.8% increase in its net profits to Rs 10,104 crore for the quarter ending June, beating Bloomberg consensus estimates. Even though the quarter was a very volatile one, what came to the rescue was the healthy growth in its consumer businesses, which accounted for 32% of consolidated EBITDA during the quarter.

Revenues for the June quarter of FY20 increased 22.1% to Rs 172,956 crore, which were led by sharp increase in revenue from digital services and retail businesses. Operating income rose 9.1% to Rs 24,486 crore.

The operating environment for both the downstream businesses, refining and petchem has been challenging for the last six quarters and the first quarter was tougher due to geopolitical exacerbating crude markets.

 

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