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Reliance Industries reported its highest ever quarterly net profit in the July-September quarter period with a net rise of 17.4%. RIL posted a net profit of Rs. 9,516 crores in the quarter under review, as against Rs. 8,109 crores recorded during the corresponding quarter of the previous fiscal.
According to the company’s statement, the record earnings came from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.
The company total revenue jumped 54.5 per cent to Rs 1,56,291 crores. Its retail business, which comprises 9100+ stores witnesses before tax profit rise of 213 per cent to Rs 1,392 crores on the back of more than doubling of revenues to Rs 32,436 crore.
Reliance Jio posted a standalone net profit of Rs 681 crore, recording 11.3 per cent higher growth rate than the previous quarter as subscriber base increased to 252.3 million.
The petrochemical business saw before-tax profits surge by 63.7 per cent to Rs 8,120 crores after the company stabilised operations of a new refinery off-gas cracker and other downstream units. RIL ’S oil refining complex saw pre-tax earnings fell 19.6 per cent to Rs 5,322 crores.
Gross refining margin (GRM) or the amount the company earns on turning every barrel of crude oil into fuel for the quarter under review stood at USD 9.5 per barrel as against USD 12 per barrel during the corresponding period of the previous year.
Mukesh Ambani, chairman and managing director, RIL said, “Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets.”
According to V. Srikanth, the joint chief financial officer of RIL that company expects EBITDA (Earnings before interest, tax depreciation and amortization) is likely to rise to Rs. 85,000 crore in the current year.
