The country’s most valuable company on Friday reported that its net profit rose 13 per cent to 13,101 crore in quarter ended December 2020 from 11,640 crore during the corresponding period a year ago.

The oil-to-telecom giant posted its highest ever quarterly profit as total expenses fell sharply during the quarter. Total expenses declined 22 per cent annually to ₹ 1.13 lakh crore from ₹ 1.45 lakh crore in the year-ago period.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) — or operating profit — increased 12 per cent to ₹ 26,094 crore in the three months to December 31, compared to the previous quarter.

Reliance, which operates the world’s largest refining complex, said revenue from the oil-to-chemicals division fell nearly 30 per cent in the quarter from a year earlier. The business houses Reliance’s oil refining and petrochemicals operations.

Reliance Industries’ digital arm Jio Platforms’ net profit rose rose 15.5 per cent to ₹ 3,489 crore and revenue advanced 5.3 per cent to ₹ 22,858 crore.

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US investment company KKR, established in 1976, has assets of $ 222 billion, or $ 22200 million as of June 30, 2020. At the same time, according to the data of Reliance Retail, about 64 crore buyers come to its 12 thousand stores spread across the country. It is the largest and fastest growing retail business in India.

Henry Kravis, co-founder and co-CEO of KKR said that Reliance Retail’s new business platform is meeting the critical needs of both consumers and small businesses in India. More and more people in the country are turning to online. In this situation, the company is emerging as an important part of the entire value chain for grocery stores. We are excited to be part of this campaign of Reliance.

On this occasion, Mukesh Ambani, Chairman and MD of Reliance Industries said that it is happy to welcome KKR as an investor in Reliance’s retail venture. In this way we will continue our campaign for the development of India’s retail ecosystem.

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According to 4 people involved in the matter, negotiations with Urban Ladder have been going on for the last few months, which have now reached the advanced stage. However, he also said that the deal has not been finalized yet and it is under discussion. It is believed that this deal with Urban Ladder can be done for about $ 30 million or about Rs 225 crore.

Milkbasket is taking its margins very low, as milk is a very important thing. Companies are currently distributing milk as well as other products to increase their profit per order. However, when our partner Times of India tried to talk with MilkBasket or Urban Ladder, the company refused to comment.

However, when Reuters approached Reliance, Urban Ladder, and Milkbasket to gather more information related to this issue, there was no response from them. In fact, due to the COVID-19 epidemic, many Indians are looking for the convenience of ordering goods online at home instead of going out of the house. Even now the demand for home delivery of grocery items has increased.

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