RIL Q2 net profit up 12.5% to Rs 8,109 cr

RIL Q2 net profit up 12.5% to Rs 8,109 cr
Reliance Industries Ltd (RIL), an oil-to-telecoms conglomerate owned by Mukesh Ambani, on Friday, said its consolidated net profit increased 12.5% to Rs 8,109 crore for the September quarter.

The company had reported a net profit of Rs 7,209 crore in the same quarter last fiscal, RIL said in a regulatory filing.

The company’s revenue rose 23.9% to Rs 1,01,169 crore in the reported quarter as against Rs 81,651 crore in the year-ago period. Revenue from operations growth is by growth across segments - petrochemical, refining, organised retail and digital businesses.

“Another quarter of robust performance includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations,” Mukesh Dhirubhai. Ambani, Chairman and Managing Director, Reliance Industries said.

Operational performance was far better than analysts’ expectations, with the EBITDA (earnings before interest, tax, depreciation and amortisation) growing 24% sequentially to Rs 15,565 crore and margin rising 300 basis points quarter-on-quarter to 16.4% in the quarter ended September 2017. Petrochemical business registered a 10% growth Q-o-Q or 24.87% YoY at Rs 27,999 crore, with EBIT (earnings before interest and tax) growing 23% Q-o-Q and 45.15% YoY at 4,960 crores. Margin expanded by 190 basis points sequentially and 247 bps year-on-year to 17.7 % in the quarter gone by.

Its telecom arm, Reliance Jio saw its net losses widening to Rs 270.59 crore in the July-September quarter this fiscal against a net loss of Rs 21.3 crore in the preceding quarter.

The total income of Reliance Jio stood at Rs 6,148.73 crore in the quarter under review. Average revenue per user was at Rs 156, which analysts feel more or less looked positive. Ambani said the strong financial results of Jio demonstrated the robust business model of Jio and the significant efficiencies that the company has built through its investment.

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