RIL This fall effects 2020: Reliance Industries This fall web benefit falls 39% to Rs 6,348 crore – Times of India


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NEW DELHI: Oil to telecom major Reliance Industries (RIL) on Thursday reported a per cent 39 per cent fall in its consolidated net profit for the fourth quarter (Q4) ended March 2020 on weak energy and petrochemical business.
RIL posted a profit of Rs 6,348 crore in Q4 as against a net profit of Rs 10,362 crore posted in the same period last year, the company said in a regulatory filing.
In terms of quarter-on-quarter growth, RIL posted a 45 per cent slump in net profit as compared to Rs 11,640 crore recorded for the third quarter ended December 31, 2019.
In a statement, Reliance said it was accounting for “inventory holding losses in the energy businesses due to the dramatic drop in oil prices accompanied with unprecedented demand destruction due to COVID-19.”
The company announced a rights issue of Rs 53,125 crore, which it said was the biggest in India. The ratio would be 1:15 at a price of Rs 1,257. The promoter and promoter group of RIL will subscribe to the full extent of their aggregate rights entitlement. In addition, they will also subscribe to all the unsubscribed shares in the issue.
The company’s revenue from operations also witnessed a 2.3 per cent slump to Rs 1,39,283 crore, compared to a profit of Rs 1,42,565 crore posted in Q4 of last year.
Meanwhile, RIL’s digital arm Jio reported a 177 per cent jump in fourth quarter net profit to Rs 2,331 crore.
The telecom venture of billionaire Mukesh Ambani had logged a net profit of Rs 840 crore in the same quarter last year.
(With agency inputs)

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