Reliance Industries Q1 profit up 17.9% to Rs 9,459 crore

Reliance said EBIT from petrochemical business, was at record high of Rs 7,857 crore ($1.1 billion).

New Delhi: Oil-to-telecom conglomerate Reliance Industries on Friday reported record quarterly net profit of Rs 9,459 crore ($1.4 billion) on record earnings from petrochemical and retail business.

The consolidated net profit of Rs 9,459 crore April-June was 17.9 percent higher year on year, the company said in a statement.

It had highest ever quarterly consolidated PBDIT (profit before depreciation interest and taxes) at Rs 22,449 crore ($3.3 billion), up 52.8% year on year.

Jio, which with 215.3 million subscribers is the worlds largest and fastest growing mobile data network, saw net profit rise 20 percent sequentially to Rs 612 crore in April-June 2018. Revenue from operations at was at Rs 8,109 crore, the company said.

Though Jio started operations in September 2016 with free voice and data offering, 2017-18 was first full year of its financial reporting.

Reliance said EBIT (Earnings Before Interest & Tax) from petrochemical business, was at record high of Rs 7,857 crore ($1.1 billion), up 94.9 percent year on year.

The owner of worlds largest refining complex earned USD 10.5 on turning every barrel of crude oil into fuel in April-June quarter as against a gross refining margin (GRM) of USD 11.9 in the same period last year.

Retail business EBIT jumped 266.1 percent to a record Rs 1069 crore.

Commenting on the results, RIL Chairman Mukesh Ambani said, “ We continue to focus on strong delivery through operational excellence in our portfolio of businesses . Financial results of 1Q FY19 underscore the strength of the petro chemicals we have reinforced over the last investment cycle. Our petrochemicals business generated record EBITDA with strong volumes and an upswing in polyester chain margins. Refining business performance remained steady despite the seasonal weakness in cracks. Continuing strength in global demand for oil products and implementation of more stringent environmental norms for marine fuels augurs well for our refining business.”

“Our consumer businesses continue to scale new highs and now account for nearly 21 % of consolidated segment EBITDA. Retail business revenues have more than doubled and EBITDA has trebled on a Y - o - Y basis . Jio added a record number of subscribers, highlighting the compelling technology and value proposition that Jio offers vis - à - vis other networks. The scalability of our consumer business platforms is driving unprecedented value generation for our customers, our country and our shareholders, ” he added.