Reliance Industries Ltd (RIL) has posted a 17.3 per cent jump in its fourth quarter net profit to Rs 9,435 crore as against Rs 8,046 crore in the same period of last year on the back of robust petrochemical margins and profits reported by its telecom arm and the retail business.
The company achieved a consolidated revenue of Rs 129,120 crore, an increase of 39.0 per cent as compared to Rs 92,889 crore in the corresponding period of the previous year. The increase in revenue is primarily on account of volume increase with start-up of petrochemicals projects and oil price related increase in realizations for refining and petrochemical products. The rise in consolidated revenues reflect robust growth of 134 per cent in the retail business and continuing growth momentum in wireless subscriber additions for digital services business.
RIL’s subsidiary Reliance Jio made a profit of Rs 510.44 crore for the March quarter as against Rs 504.38 crore in the December quarter. Jio’s revenue for the quarter was Rs 7,128 crore as against Rs 6,879 crore in the December quarter. On the other hand, Jio’s rival Bharti Airtel had posted a net loss, before exceptional items, at Rs 652.30 crore, for the India business in the three months ended March 2018 as compared with a net profit of Rs 770.80 crore a year earlier.
The company said the gross refining margin (GRM) for the fourth quarter stood at $ 11.0 per barrel as against $ 11.5/bbl in the same quarter of last year. “RIL’s GRM outperformed Singapore complex refining margins by $ 4.0 per barrel,” RIL said.
The company recorded a consolidated net profit of Rs 36,075 cr in 2018 fiscal.
Reliance Retail recorded a 105 per cent surge in revenue to Rs 69,198 crore in FY18. For the fourth quarter, revenue was up 13.1 per cent to Rs 24,183 crore. EBIT (earnings before interest and taxation), or operating profit, for the quarter was Rs 951 crore as against Rs 243 crore a year ago. RJIL’s Wireless Telecommunication Network posted a revenue of Rs 23,916 crore in its very first year of commercial operations. “Retail business profitability improved sharply with strong growth in revenues. Retail EBIT margin improved by 70 bps to 3.0 per cent,” it said.
RIL Chairman and MD Mukesh D Ambani said: “FY 2017-18 was a landmark year for Reliance where we established several records on both operating and financial parameters. Reliance has become the first Indian company to record PBDIT of over $ 10 billion with each of our key businesses – refining, petrochemicals, retail and digital services achieving record earnings performance.”