Reliance Industries Falls After Profit Declines In June Quarter

Shares of the country's most valuable company, Reliance Industries, fell nearly 1 per cent to hit an intraday low of  Rs 2,084.75 on the BSE after its net profit in June quarter declined 7 per cent, annually, to Rs,12,273 crore on the back of increase in total expenses. 

Reliance Industries total expenses in the quarter jumped 50 per cent annually to Rs 1.31 lakh crore. The oil-to-telecom conglomerate's revenue from operations, however, advanced 58 per cent to Rs 1.44 lakh crore compared with Rs.91,238 crore in the year ago period

Reliance Industries earnings before interest, tax, depreciation and amortization (EBITDA) also known as the operating profit came in at Rs, 27,550 crore up 27.6 per cent.

The retail network, which consists of more than 12,000 stores and supermarkets, reported a near 50 per cent drop in footfall in the first quarter from the previous three months as the second wave of COVID-19 ravaged the country.

"The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group's operations and revenue were impacted due to COVID-19. During the current quarter, there is no significant impact other than in Retail segment," Reliance Industries said.