Billionaire Mukesh Ambani-promoted company Reliance Industries on Friday reported that its annual net profit in quarter ended September 30 declined 15 per cent to Rs 9,567 crore. The company had reported net profit of Rs 11,262 crore during the corresponding period a year ago, its exchange filing showed.
The oil-to-telecom conglomerate’s revenue from operations fell 24 per cent to Rs 1,16,195 crore from Rs 1,53,384 crore during the same period last year.
“The Group’s operations and revenue during the quarter were impacted due to COVID-19. The Group has taken into account the possible impact of COVID-19 in preparation of the unaudited consolidated financial results, including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of these unaudited consolidated financial results and current indicators of future economic conditions,” Reliance Industries said in a press release.Reliance Industries shares ended 1.37 per cent higher at Rs 2,054.35 on the BSE ahead of its earnings announcement.