Reliance Q4 revenue down 2.5%; net profit down 37.2%
By: ICN Bureau
Last updated : May 01, 2020 11:32 am
Revenues for the Refining and Petrochemicals business declined in line with fall in average oil and product prices for the year. Average Brent oil price declined 13% Y-o-Y, while realisations for key petrochemical products declined by 15%-32% Y-o-Y.
Reliance Industries Limited (RIL) Q4 2020 revenue decreased by 2.5% to Rs. 151,209 crore ($20 billion) whereas net profit including exceptional items decreased by 37.2% to Rs. 6,546 crore ($0.9 billion)
EBITDA for the period increased by 7.6% to Rs. 25,886 crore ($3.4 billion) and cash profit increased by 12.8% to Rs. 18,446 crore ($2.4 billion).
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, “Today I am pleased to announce that despite the daunting challenges arising from the fallout of the global pandemic, our company has once again delivered a resilient performance for FY 2019-20. Our O2C (Oil to Chemicals) businesses delivered sustained earnings due to its integrated portfolio, cost-competitiveness, feedstock flexibility and product placement capabilities. We continue to operate all our major facilities at near normal utilisation levels."
"Our consumer businesses further strengthened their leadership positions and recorded robust growth on all operating and financial parameters during the year. Both Retail and Jio, continue to work towards providing superior products and services to Indian consumers," added Ambani.
RIL achieved a consolidated revenue of Rs. 659,205 crore ($87.1 billion) for FY 2019-20, an increase of 5.4% as compared to Rs. 625,212 crore in the previous year. Increase in revenue is primarily on account of higher revenues from the consumer businesses. Digital services business and retail business recorded an increase of 40.7% and 24.8%, respectively, in revenue as compared to previous year.
Revenues for the Refining and Petrochemicals business declined in line with fall in average oil and product prices for the year. Average Brent oil price declined 13% Y-o-Y, while realisations for key petrochemical products declined by 15%-32% Y-o-Y. This was partially offset by higher crude throughput and petrochemicals production during the year.
Exports (including deemed exports) from India were lower at Rs. 202,830 crore ($26.8 billion) as against Rs. 224,391 crore in the previous year. The decline in exports was primarily on account of lower realization due to fall in crude oil prices.
The company has recommended a dividend of Rs. 6.50 per equity share of Rs. 10 each for the financial year ended March 31, 2020.