RIL Q3 revenue rises 12.55%, Covid eats into income

Despite the disturbances attributable to the Covid pandemic, Reliance Industries, India’s largest agency by market capitalisation, on Friday reported a 12.55 per cent rise in consolidated internet revenue at Rs 13,101 crore for the quarter ended December 2020 (Q3), as in opposition to Rs 11,640 crore in the identical interval a 12 months in the past.
On a quarter-on-quarter foundation, the online revenue rose 37 per cent from Rs 9,567 crore within the September quarter. The internet revenue earlier than distinctive merchandise for the December quarter was Rs 15,015 crore, greater by 41.6 per cent, RIL stated.
Consolidated income from operations declined 21.1 per cent to Rs 123,997 crore as in opposition to Rs 157,165 crore within the year-ago interval. “The outbreak of coronavirus pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The group’s operations and revenue during the period were impacted due to Covid-19,” the corporate stated.

For Jio Platforms, RIL’s digital arm, income together with entry revenues for the quarter was Rs 22,858 crore, greater by 5.3 per cent. The internet revenue for the quarter was Rs 3,489 crore, registering progress of 15.5 per cent. Jio’s complete buyer base as of December 2020 was 410.8 million, displaying a internet addition of 5.2 million clients. ARPU (common income per person) through the quarter of Rs 151 per subscriber per 30 days as in opposition to Rs 145 per subscriber.
The firm stated Reliance Retail’s income for the quarter was Rs 37,845 crore, decrease by 7.9 per cent. However, the online revenue for the quarter rose to Rs 1,830 crore, a progress of 88.1 per cent.
RIL Chairman and MD Mukesh D. Ambani stated: “At a time when the economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute with our impressive performance in the third quarter of FY21. We have delivered strong operational results with a robust revival in O2C and retail segments, and a steady growth in our digital services business.”