Reliance Industries Limited's (RIL) consolidated net profit increased by 12.5 percent to Rs 8,109 crore for the second quarter (July-September) of 2017-18, a company statement said here on Friday.
The company's revenue increased by 23.9 percent to Rs 101,169 crore for the same period.
"Our company reported another quarter of robust performance. I am delighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT (earnings before interest and taxes) contribution in its first quarter of commercial operations," said Mukesh D. Ambani, Chairman and Managing Director, RIL.
"The results also reflect strong underlying fundamentals of our refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand supply balances globally during the quarter. The benefits of optimizing our business through new projects are beginning to emerge. The structural strength in energy and materials business environment augurs well for our new capacities which are coming on-line this year," he added.
Ambani said the group's retail business has delivered broad based, sustainable and profitable growth through improved operational excellence.
"The world is transforming, turning digital and India is not going to be left behind. India is ready to go digital, move from voice to data and Jio is creating the foundation of data for the next generation business. The rapid uptake of Jio services reflects the latent need of the society.
Later in a video address Reliance Industries Chief Financial Officer (CFO) Alok Agarwal said during the quarter the company achieved several records at financial and operating performance and several milestones.
"In our energy businesses we had record segment Ebit for both refining as well as petrochemicals. We achieved this on the back of higher volumes,better margin environments as well as operational excellence. Gross refining margins at 9-year high of $12 per barrel and Petrochemical Ebit margin at 10-year high of 17.7 percent," Agarwal said.
"For consumer businesses we had almost of the chart growth in revenue from our retail business with revenue exceeding Rs 14,000 crore. We are by far the largest retailer in India as we know," he said.
"For Reliance Jio, the debut financial results show positive EBITDA as well as positive EBIT, beating all street expectations and we had subcribers base as on 30 September at 139 million subscribers," Aggarwal said.
Watch the entire analysis in the video.
(With inputs from IANS)
(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Published Date: Oct 13, 2017 19:53 PM | Updated Date: Oct 13, 2017 20:21 PM