Reliance Industries Ltd., one of the world’s largest petrochemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Petrochemicals Segment Q1 Results- QoQ
The segment’s net profit declined 25% to Rs 4,430 crores ($592.2 million) for the period ended June 30, 2020 as against net profit of Rs 5,938 crores ($793.8 miilion) for the previous quarter.
Net sales dropped 22% to Rs 25,192 crores ($3.36 billion) for the period ended June 30, 2020 as against net sales of Rs 32,206 crores ($4.3 biilion) during the previous quarter.
Petrochemicals Segment Q1 Results- YoY
The segment’s net profit declined 50% to Rs 4,430 crores ($592.2 million) for the period ended June 30, 2020 as against net profit of Rs 8,810 crores ($1.17 billion) for the prior-year quarter.
Net sales dropped 33% to Rs 25,192 crores ($3.36 billion) for the period ended June 30, 2020 as against net sales of Rs 37,611 crores ($5.02 biilion) during the prior-year quarter.
Declining PTA margins due to excess new supplies in global market reduced profitability during the quarter.
On the impact of the pandemic on its business, Reliance Industries Ltd in its stock exchange filing said, “The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group’s operations and revenue during the current quarter were impacted due to COVID-19.”