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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Reliance profit slides as pandemic slams oil business

10/30/2020 | 11:56am EST
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company's annual general meeting in Mumbai

BENGALURU/NEW DELHI (Reuters) - Reliance Industries Ltd posted a 15% drop in September-quarter profit on Friday as the coronavirus crisis hammered its oil business, although the Indian conglomerate reaped double-digit revenue growth at its Jio telecom service.

Reliance, led by Asia's richest man Mukesh Ambani, has in recent years built massive retail and telecom businesses to tap into India's consumer boom and reduce its dependence on the energy sector.

Reliance, which operates the world's biggest refining complex, said consolidated profit slipped to 95.67 billion rupees ($1.29 billion) in the three months to Sept. 30, although it came in comfortably above analysts' average estimate of 85.48 billion rupees, Refinitiv data showed.

Still, its energy business was hurt by a collapse in global oil demand as the COVID-19 pandemic disrupts travel and business. Sales of refined products such as gasoline, diesel and jet fuel have been hit, although demand within India has been picking up.

"Domestic demand has sharply recovered across our (oil-to-chemicals) business and is now near pre-Covid level for most products," Reliance Chairman Ambani said in a statement.

Reliance's gross refining margin - the profit earned on each barrel of crude oil processed - slumped to $5.7 per barrel. Refining and petrochemicals revenue plunged 36% and 23%, respectively.

The demand-supply balance in the oil-to-chemicals sector should normalise in two to three quarters, leading to a recovery in margins, Reliance Joint Chief Financial Officer V. Srikanth said on a conference call with reporters.

Its Jio telecom unit remained a bright spot as revenue jumped 33% and the number of subscribers surpassed 400 million.

Reliance's retail division suffered a 4.9% drop in revenue as the health crisis kept shoppers away. Still, the decline was less worse than the June-quarter's 17% fall.

Overall revenue for operations slid 24% to 1.16 trillion rupees.

(Reporting by Sachin Ravikumar in Bengaluru and Nidhi Verma in New Delhi; Editing by Anil D'Silva)

By Sachin Ravikumar and Nidhi Verma


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.51% 49.04 Delayed Quote.-27.36%
RELIANCE INDUSTRIES LTD -0.88% 1946.75 Delayed Quote.29.80%
WTI 0.97% 46.11 Delayed Quote.-26.86%
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Financials
Sales 2021 5 243 B 71 081 M 71 081 M
Net income 2021 443 B 6 008 M 6 008 M
Net Debt 2021 398 B 5 396 M 5 396 M
P/E ratio 2021 29,2x
Yield 2021 0,34%
Capitalization 12 360 B 168 B 168 B
EV / Sales 2021 2,43x
EV / Sales 2022 1,82x
Nbr of Employees 195 618
Free-Float 50,4%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 2 193,85 INR
Last Close Price 1 946,75 INR
Spread / Highest target 28,4%
Spread / Average Target 12,7%
Spread / Lowest Target -32,2%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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