Reliance Industries’ earnings disappoint markets – stocks fall by over 2% in morning trade
- The shares of
Reliance Industriesopened 2.14% lower.
- Reliance had announced its financial results on April 30 (Friday) after markets closed.
- Reliance’s revenue for the fourth quarter ended March 31, 2021 stood at ₹172,095 crore, while its net profit doubled to ₹14,995 crore.
The fall in stock price comes even when RIL had managed to score profits in the middle of a pandemic. Reliance’s revenue for the fourth quarter ended March 31, 2021 stood at ₹172,095 crore, while its net profit doubled to ₹14,995 crore.
But some of the company’ major focus areas seemed to be wearing off their sheen. While the oil to chemical vertical saw a growth of 4.5% in revenue, the profit shrunk by just as much despite a one-time gain of ₹4,420 crore from sale of its petrol pumps.
Even the much talked about Reliance Jio reported a profit decline of nearly 4% with net profit of ₹3,508 crore.
The company also cited the COVID-19 pandemic and its impact on its business as a factor it continues to consider.
“The outbreak of coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group’s operations and revenue during the period were impacted due to COVID-19,” the company said in a statement on Friday.
For Ambani, the growth was led by Reliance Retail. The retail arm, of Reliance Industries, clocked a 50% growth in its profits to ₹3113 crore, while its revenue has grown by 21% to ₹46,099 crore in the months from January through March, compared to the same period, last year.
Reliance also announced on Saturday that it produces over 1000 MT of medical grade liquid oxygen per day — or over 11% of India’s total production. This the company claims meets “the needs of nearly every one in ten patients”.
“This oxygen is being provided free-of-cost to several state governments across the country to bring immediate relief to over 1 lakh patients on a daily basis,” said the company.
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