RIL posts Rs.9,516 cr profit in Q2

Reliance Industries Wednesday reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period. Its net profit stood at Rs 8,109 crore in the second quarter of the previous fiscal.

RIL’s revenue rose 54.5 per cent to Rs 1,56,291 crore. The increase in revenue is primarily on account of higher price realisations of petrochemical and refinery products led by 44.5 per cent increase in Brent crude price. Retail business and Digital Services business also recorded a sharp 121 per cent and 52 per cent increase in revenue during the quarter compared to the corresponding quarter of the previous year. Exports from RIL’s India operations were higher by 45.5 per cent at Rs 60,460 crore compared with Rs 41,560 crore in the corresponding period of the previous year.

 

Commenting on the results, Mukesh D Ambani, CMD, Reliance Industries Limited said, “Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on Y-o-Y basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in



commodity and currency markets.”

He added, “The financial performance of both Retail and Jio reflect the benefits of scale, technology and operational efficiencies. Retail business EBITDA has grown three fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world.”

Reliance Jio, the group’s telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter. It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18.

Reliance Industries Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom for Rs 5,230 crore. Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway.

These deals will bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra-high definition entertainment on large screen TVs.