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Reliance Industries Q1 profit rises to record Rs 9,459

Reliance Industries Q1 profit rises to record Rs 9,459

India Blooms News Service | @indiablooms | 28 Jul 2018, 12:52 am

Mumbai, July 27 (IBNS):  Propelled by its petrochemicals and consumer businesses, conglomerate company Reliance Industries has recorded an increase in its first quarter profit of 2018-2019 fiscal year to Rs. 9,459.

The first quarter ended on June 30.

In the corresponding quarter last year, Reliance had recorded a net profit of Rs 9,108 cr.

In the consolidated financial performance, the revenue increased by 56.5% to Rs 141, 699 cr.

HIGHLIGHTS OF QUARTER’S PERFORMANCE (CONSOLIDATED)

 Revenue increased by 56.5% to ` 141,699 crore ($ 20.7 billion)

 PBDIT increased by 52.8% to ` 22,449 crore ($ 3.3 billion)

 Profit Before Tax increased by 30.3% to ` 13,726 crore ($ 2.0 billion)

 Cash Profit increased by 41.2% to ` 15,892 crore ($ 2.3 billion)

 Net Profit increased by 17.9% to ` 9,459 crore ($ 1.4 billion)

HIGHLIGHTS OF QUARTER’S PERFORMANCE (STANDALONE)

 Revenue increased by 41.0% to ` 99,318 crore ($ 14.5 billion)

 Exports increased by 41.5% to ` 52,501 crore ($ 7.7 billion)

 PBDIT increased by 27.5% to ` 17,222 crore ($ 2.5 billion)

 Profit Before Tax increased by 16.7% to ` 12,322 crore ($ 1.8 billion)

 Cash Profit increased by 18.4% to ` 12,586 crore ($ 1.8 billion)

 Net Profit increased by 7.6% to ` 8,820 crore ($ 1.3 billion)

 Gross Refining Margin (GRM) of $ 10.5/bbl for the quarter

1Q FY19 revenue from the Petrochemicals segment increased by 58.2% Y-o-Y to ` 40,287 crore ($ 5.9 billion) due to 35% increase in volumes and about 24% higher realizations.

1Q FY19, revenue for the Oil & Gas segment increased by 8.2% Y-o-Y to ` 1,432 crore. The increase is predominantly due to higher gas and oil price realisation.

In media sector, Network18 Media & Investments Limited reported 1Q FY19 consolidated revenue of ₹1,124 crores (up 9.7% Y-o-Y on a comparable basis).

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “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. Refining business performance remained steady despite the seasonal weakness in cracks. "

He added, "Continuing strength in global demand for oil products and implementation of more stringent environmental norms for marine fuels augurs well for our refining business."

In the telecom sector, Reliance Jio has crossed 200 million subscribers within 21 months from the commencement of services.

Jio has recorded a net profit of 612 cr in the first quarter of the 2018-2019 fiscal year.

While speaking about the results of Jio, Ambani said: "Jio continues on its path to drive digital revolution in India. We doubled our customer base and most user metrics in the last 12 months. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world.

"Jio has built an ecosystem for digital services and its affordable and simplified pricing strategy offers every Indian a chance to experience the “power of data”. FTTH and Enterprise services with strong fibre backbone across the country would further establish Jio’s leadership as a digital services provider.

Reliance Industries Q1 profit rises to record Rs 9,459

India Blooms News Service
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