India’s Reliance revenue rises 58% as oil & natgas businesses balloon



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India’s Reliance revenue rises 58% as oil & natgas businesses balloon

On Friday, Reliance Industries Ltd., the Mumbai-based Indian multinational oil-to-telecom conglomerate, had posted a 58 per cent jump in quarterly revenues for fiscal first quarter of 2021 that ended on June 30, as a strong showing at its dominant oil and natgas businesses led to analysts’ belief that the energy giant had recovered from a pandemic-led fiscal pandemonium.

On top of that, Reliance Industries had been benefitted from a sharp hike at its products’ charges stemming from a multi-month high energy prices as UK crude oil prices surged as much as 18 per cent over the latest quarter amid a squeezed supply chain.

Meanwhile, following the reveal of a riant quarterly earnings’ report for Q1, 2021, billionaire business magnate Mukesh Ambani, the owner of Reliance Industries Ltd., which operates the world’s largest refining facility at Jamnagar in Western India, said in a statement, “Stronger oil fundamentals, vaccination programs and better demand outlook have resulted in a steady rise in crude prices throughout the first quarter.

COVID-related restrictions on store operations during the quarter impacted our retail business operations and profitability”.

Reliance’s revenues surge between April to June quarter

Alongside this, according to the Mumbai-based retail-to-telecom conglomerate’s quarterly earnings’ report released on Friday, Reliance Industries Ltd.’s revenues had soared to ₹1.44 trillion, mostly riding on the back of a 70 per cent climb at its fossil-fuel business.

Nonetheless, Reliance’s comparable profits had fallen to $1.65 billion or ₹122.73 billion during the quarter that ended on June 30, from an upsum of ₹132.33 billion registered a year earlier. Aside from that, Reliance’s telecom wing, Jio, had added 14.3 million users between April to June quarter, however, the industrial conglomerate’s retail arm comprised of more than 12,000 stores alongside hypermarket chains, had reported a nearly 50 per cent plunge in sales as a second wave of the pandemic outbreak largely dominated by the delta variant had rampaged the country.