HEADLINES:
October 18 2019
RIL net rises 9.95%, revenue climbs on higher volume, realisation
18 January 2019

Conglomerate is first private sector firm to cross ₹10,000 crore in quarterly profit

Reliance Industries (RIL) third quarter consolidated net profit rose 9.95% to ₹10,376 crore.

The higher profit came despite refinery margins falling to $8.8 per barrel during the quarter compared with $11.6 in the year-earlier period. Retail and telecom businesses contributed 25% of the consolidated EBITDA.

The profit during the quarter was reported on a 55.43% increase in total income to ₹1,62,759 crore primarily on account of higher price realisations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses.

Commenting on the results, RIL chairman Mukesh Ambani said, “In our endeavour to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross ₹10,000-crore quarterly profit milestone.

“I am proud to be part of the committed and talented team at Reliance that has helped achieve many milestones in our continuing growth journey.”

RIL’s exports, including deemed exports from India operations, were higher by 35.2% at ₹62,378 crore ($8.9 billion) due to higher volumes of polymer products and fibre intermediates and higher product prices in petrochemical and refining business.

Declining GRM impact

Revenue from the refining and marketing segment increased by 47.3% to ₹1,11,738 crore ($16 billion) while segment EBIT declined by 18% to ₹5,055 crore ($724 million) as the gross refining margins (GRM) fell.

 

 

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