Nearly a third of RIL’s profit is shaved off by the dent in refining
- Reliance Industries (RIL) reported a 32.5% year-on-year decline in its standalone net profit to ₹6,546 crore.
- The company’s gross refining margin (GRM) fell to $5.7 a barrel compared to $6.3 a barrel just three months ago.
- The share price of RIL has shot up 87% since the beginning of the current fiscal year.
|July to September 2020||Amount||Growth|
|Net profit||₹6,546 crore||-32.5%|
The revenue from nearly all its segments from petrochemicals to refining contracted during the quarter. And, Refining and petrochemicals, which together make for over three-fourth of the company's revenue was a major hit.
Jio and Reliance Retail continue to be the shining star in RIL's portfolio — Jio recorded a 31% y-o-y growth and Retail was up 42% — but these weren’t good enough to make up for the dent in refining.
|Segment||Revenue growth (July-Sep 2020)|
|Oil and Gas||-83.80%|
|Digital Services (Jio)||31.4%|
The share price of RIL has shot up 87% since the beginning of the current fiscal year.
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