Thursday, April 30, 2020

Reliance Industries : Q4 FY 2020 Earnings Update

Reliance Industries, the country's largest listed company by market capitalisation on April 30 reported a consolidated profit of Rs 6,348 crore during January-March quarter 2020. The consolidated profit in the previous quarter was Rs 11,640 crore and in the corresponding quarter last year, it was Rs 10,362 crore.
Revenue from operations for the March quarter stood at Rs 136,000 crore, against Rs 152,939 crore in December quarter and Rs 138,659 crore in the year-ago period.
Net profit of Reliance Jio was at Rs 2,331 crore and the revenue was Rs 14, 835 crore.
Earlier today, the company also said its entire board and senior leaders will take pay cuts ranging between 30 to 50 percent as a proactive measure to counter the cost pressures from the unprecedented challenges posed by the coronavirus outbreak. Chairman and Managing director Mukesh Ambani will forego his entire compensation for the year 2020-21.
Last week, Facebook Inc signed a binding agreement with Reliance Industries to invest Rs 43,574 crore into Jio Platforms. Its investment will translate into a 9.99 percent equity stake in Jio Platforms on a fully diluted basis, the company had said in its BSE filing on April 22.
Reliance Industries share price fell 26.4 percent in the quarter ended March 2020 and 5.8 percent year-to-date, but registered a massive 63 percent rally from March 23's low amid expectations of rising ARPU, growth in Reliance Jio and consistent progress in deleveraging balance sheet plan.
Source : MoneyControl

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