Reliance Industries profit declines 15% to Rs 15,792 Crore in December quarter on government's special excise duty

Mukesh Ambani-backed Reliance Industries net profit declined in December quarter as government's imposition of Special Additional Excise Duty (SAED) on export of transportation fuels adversely impacted the oil-to-telecom conglomerate.

Reliance Industries' net profit in October-December period declined nearly 15 per cent annually to Rs 15,792 crore compared with Rs 18,549 crore during the same period last financial year.

Imposition of additional excise duty on export of transportation fuels resulted in adverse impact of Rs 1,898 crore on profit, the country's most valuable company said.

Sustained subscriber additions and higher ARPU drive revenue and EBITDA growth for the connectivity business. In addition, higher realisations from digital services drives JPL consolidated revenue growth, Jio said.

During the quarter Jio rolled out 5G services in 134 cities across 22 states and Union Terrritories, the company added.

Reliance Retail Venture's showed solid performance during the third quarter as it posted highest quarterly revenue of Rs 67,623 crore, up 17 per cent annually.

Its profit came in at Rs 2,400 crore, up 6 per cent versus Rs 2,259 crore in the year ago period.

Reliance Retail's number of stores rose nearly 20 per cent annually with 17,225 stores at the end of the third quarter and store foot falls improved by 26 per cent to 201 million, the company said.

Reliance Industries shares ended 1.15 per cent lower at Rs 2,442.70 ahead of its earnings announcement.