RIL posts 17.4% rise in Q2 net profit

Revenue jumped 54.5 per cent to Rs 1,56,291crore.

PTI
New Delhi, Publish Date: Oct 17 2018 11:59PM | Updated Date: Oct 17 2018 11:59PM
RIL posts 17.4% rise in Q2 net profitRepresentational Pic

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.

Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement.

Revenue jumped 54.5 per cent to Rs 1,56,291crore.

Its retail business, which comprises of 9,146 stores across 5,800-plus towns and cities, saw pre-tax business profit jump 213 per cent to Rs 1,392 crore on the back of more than doubling of revenues to Rs 32,436 crore.

Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter as subscriber base swelled to 252.3 million.

It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18.

The petrochemical business saw pre-tax profits jump by 63.7 per cent to Rs 8,120 crore after the company stabilised operations of a new refinery off-gas cracker and other downstream units.

The operator of world's largest oil refining complex saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent.

It earned USD 9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of USD 12 per barrel. The GRM was also lower than USD 10.5 per barrel earning in first quarter.

This it attributed to significantly higher crude price (up 47 per cent over last year) and tight product cracks.

The pre-tax loss of oil and gas business widened to Rs 480 crore from Rs 272 crore in the second quarter of 2017-18 due to the continued decline in production.

With telecom continuing to drain investments, Reliance said its outstanding debt rose to Rs 2,58,701 crore as on September 30 as compared to Rs 2,42,116 crore on June 30 and Rs 2,18,763 crore on March 31. 

 

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