Reliance Industries Reports Record Profit Of Rs 9,459 Crore In April-June
Reliance Industries on Friday reported a record net profit of Rs 9,459 crore for the April-June period. The energy conglomerate had registered a net profit of Rs 9,108 crore for the quarter ended June 2017, which included exceptional items worth Rs 1,087 crore representing profit from divestment of stake in Gulf Africa Petroleum Corporation. Revenue for the three-month period ended June 30, 2018 stood at Rs 1.41 lakh crore, 56.5 per cent higher compared with Rs 90,537 crore in the year-ago period.
"We continue to focus on strong delivery through operational excellence in our portfolio of businesses. Financial results of 1Q FY19 underscore the strength of the petrochemicals we have reinforced over the last investment cycle. Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins," said chairman and managing director Mukesh Ambani.
"Refining business performance remained steady despite the seasonal weakness in cracks. Continuing strength in global demand for oil products and implementation of more stringent environmental norms for marine fuels augurs well for our refining business," he said.
On a standalone basis, Reliance Industries' profit - which includes the Indian oil-to-retail conglomerate's refining, petrochemicals and oil and gas exploration and production businesses - was Rs 8,820 crore versus Rs 8,196 crore a year ago. The standalone number excludes retail and telecom operations. That compared with an average estimate of Rs 8,643 crore from 10 analysts, according to Thomson Reuters.
Reliance Jio Infocomm, the telecom arm of Reliance Industries, posted a third straight quarterly net profit, as its cut-price plans continued to bring in more customers. Reliance Jio, which provides telecom services under brand Jio, posted a profit of Rs 612 crore ($89.15 million) in the quarter ended June 30, versus Rs 510 crore in the previous quarter. (Also read: Reliance Jio doubles customer base in 12 months, says Mukesh Ambani)
On performance of Reliance Jio, Mr Ambani said: "215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world."
Shares in Reliance Industries ended 1.6 per cent higher at Rs 1,128 on the NSE, ahead of the earnings announcement by the company.
(With agency inputs)
