Reliance Industries posted its results for the quarter ended March of FY20 today.
The profit from its telecom division has stood more than estimates at Rs. 2331 crore.
Revenue has come in at Rs. 14, 835 crore.
At the consolidated level, net profits of RIL for the March ended quarter stood at Rs. 6348 crore.
Revenue at the company has come in at Rs. 1.36 lakh crore. EBIDTA margin has stood strong at 16%.
The consolidated profit in the previous quarter was Rs 11,640 crore and in the corresponding quarter last year it came in at Rs 10,362 crore.
"In respect to Refining and Petrochemicals business, the company has determined the non-cash inventory holding losses in the energy businesses due to dramatic drop in oil prices accompanied with unprecedented demand destruction due to COVID-19 and the same has been disclosed as exceptional items," company reasoned.
The refining business has in fact performed better than estimates.The company also said that the Saudi Aramco deal is on track.
RIL approves rights issue at the price of Rs. 1257 per share. Through the issue the company aims to raise Rs. 54000 crore and is for 1 share for every 15 shares held.
Promoters will subscriber up to the extent of 50% of their holding in the stock and also subscribe to the unsubscribed portion. For the rights issue, only 25% will be have to paid upfront and then as and when the company will need funds it may ask for the price from shareholders.
The company has also declared dividend of Rs. 6.5 per shares.
The stock of RIL on April 30, 2020 closed at Rs. 1467.05 per share.