<p>Reliance Industries on Friday said that its profit soared 12.5 percent during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.</p>.<p>The Mumbai-based oil-to-telecom behemoth -- owned by Asia's richest man, Mukesh Ambani -- said its consolidated profit rose to over Rs 130 crores ($1.79 billion) in the last three months of 2020 from around 117 billion rupees a year earlier.</p>.<p>The 12.5 percent growth figure was in line with the market estimates after a 15 percent fall in its quarterly profits during the quarter ending September 2020.</p>.<p>The company said its operating revenues fell 22 percent to 1.23 trillion rupees for the quarter, while oil-to-chemical revenues plunged over 28 percent despite witnessing some improvement in the sector.</p>.<p>"At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company's impressive performance in the third quarter of FY21," Ambani said in a statement.</p>.<p>The company recorded a strong growth in its telecom arm Jio, with profits soaring 15.5 per cent during the October-December 2020 period.</p>.<p>Its retail business was showing recovery following the reopening of thousands of stores that remained nonoperational due to the pandemic.</p>.<p>Shares of Reliance were down by 2.30 percent on Friday ahead of the earnings announcement.</p>
<p>Reliance Industries on Friday said that its profit soared 12.5 percent during the last quarter of 2020 despite sharp revenue fall in its dominant oil-to-chemicals business.</p>.<p>The Mumbai-based oil-to-telecom behemoth -- owned by Asia's richest man, Mukesh Ambani -- said its consolidated profit rose to over Rs 130 crores ($1.79 billion) in the last three months of 2020 from around 117 billion rupees a year earlier.</p>.<p>The 12.5 percent growth figure was in line with the market estimates after a 15 percent fall in its quarterly profits during the quarter ending September 2020.</p>.<p>The company said its operating revenues fell 22 percent to 1.23 trillion rupees for the quarter, while oil-to-chemical revenues plunged over 28 percent despite witnessing some improvement in the sector.</p>.<p>"At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company's impressive performance in the third quarter of FY21," Ambani said in a statement.</p>.<p>The company recorded a strong growth in its telecom arm Jio, with profits soaring 15.5 per cent during the October-December 2020 period.</p>.<p>Its retail business was showing recovery following the reopening of thousands of stores that remained nonoperational due to the pandemic.</p>.<p>Shares of Reliance were down by 2.30 percent on Friday ahead of the earnings announcement.</p>