Reliance Industries Limited posts its highest ever quarterly net profit

Reliance Industries Limited on Wednesday reported a quarterly net profit of Rs 9,516 crore as it released it Q2 results. The RIL reported a 17.4 per cent year-on-year rise for the July-September period.

The net profit stood at Rs 8,109 crore in the second quarter of the previous fiscal, the company said in a statement.

RIL's revenue rose 54.5 per cent to Rs 156,291 crore during the said quarter.

According to a release by the company, the highlights of the Quarter’s performance were:

# Revenue increased by 54.5% to Rs 156,291 crore ($21.6 billion)

# PBDIT increased by 24.9% to Rs 22,359 crore ($3.1 billion)

# Profit Before Tax increased by 16.4% to Rs 13,198 crore ($1.8 billion)

# Cash Profit increased by 17.8% to Rs 15,510 crore ($2.1 billion)

# Net Profit increased by 17.4% to Rs 9,516 crore ($1.3 billion)

Commenting on the results, RIL chairman and managing director Mukesh Ambani said, “Our Company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on Y-o-Y basis. Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets. Our world-class petrochemicals assets contributed record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality.”

For the quarter ended 30th September, 2018, RIL achieved revenue of Rs 156,291 crore ($ 21.6 billion), an increase of 54.5% as compared to Rs 101,169 crore in the corresponding period of the previous year. Increase in revenue is primarily on account of higher price realizations of petrochemical and refinery products led by 44.5% increase in Brent crude price.

Increased revenues also reflect higher volumes with the commissioning and ramp-up of new petrochemical facilities. Retail business and Digital Services business also recorded a sharp 121% and 52% increase in revenue during the quarter compared to the corresponding quarter of the previous year.