Tough quarter? Not for Mr. Mukesh Ambani and RIL!

Reliance Industries (RIL) declared their Q1 FY21 results on Thursday. They have reported a consolidated net profit of Rs 13,233 crore which is 31% higher than Rs 10,141 announced in the same quarter last year. Street estimated that it will be a tough quarter for RIL after the prices and demand of oil & gas nosedived in recent months. Yet, Mukesh Ambani led Reliance Industries has beaten all the street estimates.

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Values in Crore Rupees

Their consolidated revenue is recorded at Rs 88,253 crore when compared to Rs 1,56,976 crore declared last year. This quarter has been very special for the company. The equity sale of Jio platform has helped them to raise Rs 1,52,056 crore and become net-debt free, even in these times of global pandemic.

RIL has been the biggest gainer among Nifty stocks after rising 145% since last March. The oil-to-telecom company has enjoyed the benefits of the increasing popularity of its digital services as workers are switching to the work-from-home model. This has also led to higher growth in its retail business. In the June quarter alone, the company’s stock price has rallied upwards by 54%.

All of this success has pushed Mukesh Ambani to become one of the richest businessmen in the world. Also, RIL entered into the list of most valued companies globally with a market capitalisation of Rs 13.92 lakh crore. In the coming months, more is expected RIL as they lead India’s fight against COVID-19 in the stock market.