Mukesh Ambani Reliance Industries' earnings appear to be disappointing in the markets as its shares fell 2.14% at 9.16 in the morning.
The stock price drop comes even as RIL managed to turn a profit amid the pandemic. Reliance's revenue for the fourth quarter ending March 31, 2021 was Rs 172,095 Crore, while its net profit doubled to Rs 14,995 Crore.
But some of the company's main areas of focus appear to have faded. While the Oil to Chemical vertical saw revenue growth of 4.5%, profits were equally reduced despite a one-time gain of Rs 4,420 crore from the sale of petrol pumps.
Even according to news sources, Reliance Jio recorded a profit drop of almost 4% with a net profit of Rs 3,508 crore.
The company has also cited the COVID-19 pandemic and its impact on its business as a factor that it is still analyzing.
"The outbreak of the coronavirus (Covid-19) epidemic globally and in India is causing significant disruption and slowdown in economic activity. The company said in a statement on Friday that the group's operations and revenues during the period were affected by COVID-19.
For Mukesh Ambani, growth was led by Reliance Retail. The retail arm of Reliance Industries reported 50% growth in its profit to Rs 3,113 crore, while its revenue grew 21% to Rs 46,099 crore in the months of January to March, compared to the same period of the past year as per the News.
The latest News suggest that Reliance also produces more than 1,000 metric tons of medicinal liquid oxygen per day or more than 11% of India's total production. The company claims that this meets "the needs of almost every one in 10 patients."
"This oxygen is provided free of charge to many state governments across the country to provide immediate relief to more than one lakh patients every day," the company said.
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