RIL becomes first Indian corporate to cross quarterly net profit of ?10,000 cr

The consolidated net profit of Reliance Industries Ltd, the oil to telecom conglomerate owned by Mukesh Ambani, rose 8.8 per cent in the October-December quarter to ?10,251 crore, making it the first Indian private sector company to cross the ?10,000-crore quarterly net profit mark.

The record December quarterly net profit was boosted by a 55.9 per cent jump in revenue to ?1,71,336 crore from a year ago.

The consolidated net profit was ?9,420 crore on revenue of ?1,09,905 crore in the third quarter of FY18.

“In an oil price environment that witnessed heightened volatility through the quarter, RIL has delivered strong quarterly results on a consolidated basis,” Chairman and Managing Director Mukesh Ambani said in a statement.

RJio net surges 65%
Buoyed by increasing subscriber additions, RIL’s wholly-owned subsidiary Reliance Jio Infocomm posted a 65 per cent rise in third quarter net profit at ?831 crore from ?504 crore a year ago. Its revenue from operations stood at ?10,383 crore, a 50.9 per cent rise from ?6,879 crore a year ago.

RJio had a user base of 280.1 million till December 31, 2018, including nearly 28 million added during the quarter.

The company’s Average Revenue Per User (ARPU) was slightly lower at ?130 per subscriber per month. Its total wireless data traffic stood at 864 crore GB, and total voice traffic was 63,406 crore minutes.

RJio’s capex for the quarter stood at ?14,000 crore, lower than the ?16,000 crore it spent during the previous quarter.

Reliance Industries, which runs the world’s biggest refining and petrochemicals complex at Jamnagar in Gujarat, said the record quarterly consolidated net profit was driven by higher price realisations and volumes from refinery and petrochemical businesses along with strong growth in consumer businesses. Retail and digital services businesses posted revenue growths of 89 per cent and 51 per cent, respectively, from a year ago.

The gross refining margins — what a refiner earns by turning a barrel of crude oil into refined products — fell to $8.8 per barrel from $11.6 per barrel a year ago, hit by a sharp decline in light distillate product cracks on a year-on-year basis.

The petrochemicals business posted a 37.1 per cent rise in revenue to ?46,246 crore from ?33,726 crore in the third quarter of FY18 on the back of higher volumes and price realisations in polymer products and fibre intermediates.

The throughput in petrochemicals rose to 9.7 mt from 8.4 mt a year ago.

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