In a quarter when the oil and petchem business was under tremendous strain, it was digital that saved the day for Reliance Industries in the March 2020 quarter. In fact, digital services were the only segment to report a sequential EBIT growth during the March quarter of 6.4%. at the same time, RIL’s petrochemicals, refining and retail business saw their EBIT falling by (-22%), (-4%) and (-14%) respectively on a sequential basis. Data is the new oil for Reliance as digital services now account for 23.9% of the operating profits. This was just 15.9% a year back. Overall, RIL’s consumer businesses accounted for 36% of total operating profit compared with 26% a year ago. With weak crude prices and a sharp fall in the benchmark GRMs in Singapore, the refining and petrochemicals segment were hit due to a significant decline in margins. For retail business, March was tepid due to the impact of the lockdown following COVID-19. The digital business largely benefited from tariff hikes in December and improved traffic in the midst of the lock-down.