Reliance Profit Declines

Reliance Industries Limited has announced its financial results for the fourth quarter ending in March. The company reported a net profit of ₹16,971 crore during this period. This marks a decline of 12.5 percent compared to ₹19,407 crore recorded in the same quarter last year. In the previous quarter ending in December, the company had posted a net profit of ₹18,645 crore.

The ongoing oil crisis has impacted the company’s oil and chemicals business, leading to the decline in profits. However, the company’s overall revenue has shown growth. Total income increased from ₹2.69 lakh crore in the same quarter last year to ₹3.03 lakh crore in the current quarter. For the full financial year, the company recorded a net profit of ₹80,775 crore.

This represents a growth of 16 percent compared to the previous financial year. The company also announced a dividend of ₹6 per share, as approved by its board. Reliance’s digital arm, Jio Platforms, reported a 13 percent rise in profit to ₹7,935 crore. The average revenue per user increased from ₹206.2 to ₹213 during the quarter.