Reliance Industries Q4 Net profit plunges 39%, Announces mega Rights Issue of Rs.53,125 Core
Biznextindia: Reliance Industries, the country’s largest listed company by market capitalisation on April 30 reported a 38.73 % fall in consolidated profit to Rs 6,348 crore during the quarter ended March 31st. The consolidated profit in the previous quarter was Rs 11,640 crore and in the corresponding quarter last year, it was Rs 10,362 crore.
The Mukesh Ambani controlled conglomerate also announced India’s biggest right issue of Rs 53,125 crore in the ratio of 1:15 at a price of Rs 1,257 per share.
The company has recommended a Dividend of Rs. 6.50 per equity share of Rs. 10/- each for the financial year
ended March 31, 2020.
“…Despite the daunting challenges arising from the fallout of the global pandemic, our company has once again delivered a resilient performance for FY 2019-20. Our O2C (Oil to Chemicals) businesses delivered sustained earnings due to its integrated portfolio, cost-competitiveness, feedstock flexibility and product placement capabilities. We continue to operate all our major facilities at near normal utilisation levels.
Our consumer businesses further strengthened their leadership positions and recorded robust growth on all operating and financial parameters during the year. Both Retail and Jio, continue to work towards providing superior products and services to Indian consumers.
We are fully committed on our investment plans in our consumer businesses and new initiatives. We are at the doorsteps of a huge opportunity and our rights issue and all other equity transactions will strengthen Reliance and position us to create substantial value for all our stakeholders” said Mukesh Ambani.