Oil-to-telecom major Reliance Industries beat Street estimates in consolidated net profit for the quarter ended December 31, 2019.
The company reported the highest-ever quarterly consolidated net profit of Rs 11,640 crore for Q3FY20 against a CNBC-TV18 poll of Rs 11,333 crore.
The company's net profit jumped 13.5 percent year-on-year (YoY) against Rs 10,251 crore reported in the corresponding quarter of the previous financial year. The numbers were up 3.36 percent sequentially as in the quarter ended September 30, 2019, the company's net profit was at Rs 11,262 crore.
“The third-quarter results for our energy business reflects the weak global economic environment and volatility in energy markets. Within our O2C chain, downstream petrochemicals profitability was impacted by weak margins across products with subdued demand in well-supplied markets. Refining segment performance improved in a difficult operating environment given our continuous focus on cost positions, high operating rates and product placement," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.
Petchem segment revenue softens: Consolidated revenue from the petchem segment slipped 19 percent YoY to Rs 36,909 crore in Q3FY20 against RS 45,619 crore reported in the same quarter of the previous financial year. Sequentially, the numbers were down 4.23 percent against Rs 38,538 crore reported in Q2FY20.
The segment's EBITDA declined 24.43 percent YoY and 18.76 percent QoQ to Rs 7,252 crore
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