For the Jun-20 quarter, Reliance showed weakness in the O2C or Oil to Chemicals business, while the digital still did extremely well. Weak oil prices led to Reliance reporting 42% fall in revenues to Rs.100,929 crore in the Jun-20 quarter. However, net profits were up 31% at Rs.13,248 crore. This included an exceptional gain of Rs.4966 crore from the sale of the 50% stake in the marketing JV to British Petroleum.

However, the retail business did take hit due to the lockdown across India. For example, the Reliance Retail business saw a 17% fall in revenues due to lockdown restrictions, which is still appreciable when compared to other retail plays. But, the fall in revenues in retail and the O2C business was partially offset by growth in revenues of the digital business.

Even EBITDA wise, it was digital that had the best story to tell the markets. Petchem business saw EBITDA fall by 49.7% and oil refining saw EBITDA fall by 25.8%. In contrast, Jio saw EBITDA rise by 55% during the Jun-20 quarter. In the last few days, RIL stock has been under some pressure after some larger institutional brokers downgraded the stock.