Business

Reliance Industries Profit At Record Rs 11,262 Crore In September Quarter

Reliance Industries Profit At Record Rs 11,262 Crore In September Quarter

Billionaire Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ended September 30. That marked an increase of 18.35 per cent from Rs 9,516 crore in the corresponding quarter last year. The oil-to-telecom conglomerate's revenue rose 4.2 per cent to Rs 1,52,149 crore versus Rs 1,46,018 crore in September quarter of 2018, the company said in an exchange filing. The record profit for the company came on the back of steady growth across verticals.

"The company has reported record net profit for the quarter. These excellent results reflect benefits of our integrated Oil to Chemicals (O2C) value chain and the rapid scale-up of our consumer businesses. During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," said Mukesh Ambani, chairman and managing director, Reliance Industries.

Reliance Industries' gross refining margins (GRM) - a measure of how much the company has earned by refining a barrel of crude oil - improved to $9.4 per barrel from $8.1 per barrel in the previous quarter.

"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA. Our digital services business is recognized for having the nation's widest 4G wireless network. As an outcome of our team's relentless efforts, Jio has become India's largest mobility services provider," Mr Ambani added.

The net profit of Reliance Jio Infocomm, the telecom arm of Reliance Industries, rose 45.37 per cent to Rs 990 crore in the September quarter, the group said. Reliance Jio's revenue rose 33.1 per cent to Rs 14,562 crore.

Its average revenue per user (ARPU) - a key metric of profitability for telecom operators - came in at Rs 120 per month, as against Rs 122 per month in the previous quarter.

Revenue for its retail venture - Reliance Retail Ventures Limited rose 27 per cent to Rs 41,202 crore and its profit advanced 55.8 per cent to Rs 1,148 crore.

Earlier in the day, Reliance Industries became the country's most valuable company after its market capitalisation or market value touched Rs 9 lakh crore for the first time.

Reliance Industries shares ended 1.4 per cent higher at Rs 1,416, outperforming the Nifty 50 index which rose 0.65 per cent rising for a sixth straight session.



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