×
107
Fashion Jobs
PANTALOONS HO
Assistant Brand Manager - Mumbai
Permanent · MUMBAI
NIKE
Product Manager, ed&a Icc
Permanent · Bengaluru
LIFESTYLE BRANDS
Group Manager - E-Commerce Product (B2B)
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Product, Louis Philippe
Permanent · BENGALURU
PANTALOONS HO
Senior Executive - Marketing
Permanent · MUMBAI
LIFESTYLE BRANDS
Executive -Key Accounts (Mis),lp
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Trade Channel, Finance
Permanent · BENGALURU
LIFESTYLE BRANDS
Sales Executive - Kannur &Amp; Kasargod
Permanent · BENGALURU
LIFESTYLE BRANDS
Senior Executive - Garment Technician (ww &Amp; Kids), Pdqa
Permanent · BENGALURU
NIKE
Grc Compliance Analyst, India – Cis Icc
Permanent · Bengaluru
LIFESTYLE BRANDS
Manager - Marketing, Peter England - Bangalore
Permanent · BENGALURU
LOGIN CONSULTANCY
Marketing Manager
Permanent · INDORE
LOGIN CONSULTANCY
Marketing Manager
Permanent · BHOPAL
NIKE
Senior Product Owner, ed&a - Icc, India Capability Center (Contract)
Permanent · Bengaluru
NIKE
Senior Data & Analytics Business Systems Analyst (Consumer Data Engineering), ed&a - Icc, India Capability Center (Contract)
Permanent · Bengaluru
NIKE
Sap Platform Offshore Technology Capability Leader – Sec Idc
Permanent · BENGALURU
L BRANDS
HR sr Generalist
Permanent · Bengaluru
PANTALOONS HO
Category Commercial-Assistant Manager Finance &Amp; Commercial - Mumbai
Permanent · MUMBAI
NIKE
IT Service Management Developer - Technology, India (Servicenow) – Tech Ops Icc
Permanent · Bengaluru
NIKE
Director of Core Engineering Services, India (Servicenow) – Tech Ops Icc
Permanent · Bengaluru
NIKE
Core Engineering Services Manager, India (Servicenow) – Tech Ops Icc
Permanent · Bengaluru
MORE MISCHIEF
Assistant Fashion Designer
Permanent · PUNE

Reliance's retail revenue sinks as shoppers stay at home

By
Reuters API
Published
Jul 31, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-


Reliance Industries Ltd's June-quarter profit rose as the Indian conglomerate booked a one-time gain from a BP investment, although revenue tumbled as the coronavirus crisis slammed its refining and petrochemicals businesses.


Reuters



Reliance, led by Asia's richest man Mukesh Ambani, has in recent years built large telecom and retail businesses as it taps into India's consumer boom, but the company's energy units still make up the bulk of its business. "The severe demand destruction due to global lockdowns impacted our hydrocarbons business," Reliance Chairman Ambani said in a statement on Thursday.

The company's revenue from operations fell nearly 44% to 912.38 billion rupees (£9.39 billion) as the COVID-19 pandemic destroyed demand for refined oil products such as gasoline, diesel and jet fuel due to global travel and business disruptions. Reliance's retail division, which runs 10,000 stores selling groceries, consumer electronics and apparel, suffered a 17% drop in revenue as many shoppers stayed indoors.

But Reliance, India's biggest company by market value, said consolidated profit climbed 31% to 132.33 billion rupees in the three months to June 30.

Earnings were boosted by a gain of 49.66 billion rupees from British oil major BP's investment last year in a fuel retailing joint venture with Reliance.

Its gross refining margin - the profit earned on each barrel of crude oil processed - slumped to $6.3 per barrel, the lowest level since 2009. However, Reliance said it maintained a significant premium of $7.2 per barrel over the regional benchmark margin.

Meanwhile, Reliance's telecom unit Jio Infocomm - India's largest by subscribers - continued to remain a bright spot, adding 9.9 million subscribers on a net basis. Jio is part of Reliance's digital arm, which has raised more than $20 billion since April, with about half coming from Facebook and Google.

© Thomson Reuters 2020 All rights reserved.