Reliance Industries Ltd., one of the world’s largest petrochemicals manufacturer based in India announced its results for the second quarter ended September 30, 2020.
Petrochemicals Segment Q2 Results- QoQ
The segment’s earnings before interest and taxes (EBIT) grew 44.3% to Rs 4,895 crores for the period ended September 30, 2020 as against EBIT of Rs 3,392 crores for the previous quarter.
Net sales increased 17.8% to Rs 29,665 crores for the period ended September 30, 2020 as compared to Rs 25,192 crores during the previous quarter.
Petrochemicals Segment Q2 Results- YoY
The segment’s EBIT declined 35.8% to Rs 4,895 crores for the period ended September 30, 2020 as against EBIT of Rs 7,620 crores for the prior-year quarter.
Net sales dropped 23% to Rs 29,665 crores for the period ended September 30, 2020 as compared to Rs 38,538 crores during the prior-year quarter.
Petrochemicals Segment Half-Year Results- YoY
The segment’s EBIT dropped 45.2% to Rs 8,287 crores for the 6 months period ended September 30, 2020 as against EBIT of Rs 15,128 crores for the prior-year 6 months period.
Net sales decreased 28% to Rs 54,857 crores during the 6 months period ended September 30, 2020 as compared to Rs 76,149 crores during the prior-year 6 months period.
Commenting on Q2 results, Chairman Mukesh Ambani said the company delivered a strong performance compared to the previous quarter with recovery in petrochemicals.
“Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity,” he said in a statement.