Home Market RIL Q3 consolidated net profit soars 25% YoY; Jio turns profitable

RIL Q3 consolidated net profit soars 25% YoY; Jio turns profitable


NEW DELHI: Oil-to-telecom behemoth Reliance Industries on Friday posted 25 per cent growth in consolidated net profit at Rs 9,423 crore for the quarter ended December 31, 2017.

The company had posted a net profit of Rs 7,533 crore for the same quarter last year.

Revenue from operations during the quarter jumped 21.74 per cent year-on-year to Rs 1,02,500 crore compared with Rs 84,189 crore reported for the same period last year.

Gross refining margins (GRM) for Q3 of FY18 stood at $11.6 a barrel against $10.8 in Q3 of FY17. RIL's GRM outperformed the refining margins of the Singapore complex by $4.4 a barrel.

Telecom arm Reliance Jio turned profitable in Q3. Jio reported a net profit of Rs 504 crore in Q3 of FY18 against a net loss of Rs 271 crore in the sequential quarter ended September 30, 2017.

Commenting on the results, Chairman and Managing Director Mukesh D Ambani said: "I am happy to share record-setting consolidated quarterly earnings to mark the 40th anniversary of Reliance's listing in January 1978. Fittingly, this quarter marks the culmination of our petrochemical expansion projects and the first positive net profit contribution from our newest business line – digital services."

The company's refining business delivered double-digit refining margins for the 12th consecutive quarter, demonstrating operating excellence and healthy industry fundamentals.

Benefits of large investments in the petrochemical business are beginning to show with the segment reporting highest-ever earnings, the company said.

December quarter revenue from the petrochemicals segment increased 47.6 per cent YoY to Rs 33,726 crore ($5.3 billion) on higher volumes and prices. EBIT for the petrochemicals segment came in at a record Rs 5,753 crore ($901 million) supported by strong volume growth, higher margins for polypropylene and downstream polyester products.

The volume growth was led by the world's largest ROGC coming on-stream along with downstream LDPE, LLDPE and MEG plants.

Revenue for the oil & gas segment increased by 34.2 per cent year on yea to Rs 1,631 crore on commencement of CBM production and higher oil and gas price realisation

Outstanding debt as on December 31, 2017 stood at Rs 2,13,206 crore ($33.4 billion) compared with Rs 1,96,601 crore as of March 31, 2017.

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