Consolidated net profit for the September quarter rose to a record Rs 11,262 crore — in line with expectations — on a turnover of Rs 1,63,854 crore, which was 4.8% higher than a year ago. The Mukesh Ambani-led conglomerate’s revenue was buoyed by 27% growth in the retail business and 43% rise in digital services.
Finance costs rose to Rs 5,450 crore from Rs 3,932 crore in the corresponding quarter last fiscal. “This increase is primarily on account of currency depreciation and higher loan balances,” the company said. Total debt at the end of Q2 stood at Rs 2,91,982 crore ($41.2 billion) compared with Rs 2,87,505 crore on March 31, 2019, and Rs 2,58,701 crore on September 30 last year.
RIL is continuing talks with Saudi Aramco, with which it signed a non-binding agreement to sell 20% of its refining, petrochemicals and fuel sales businesses at an enterprise value of $75 billion.
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