Reliance Industries Q4 net profit jumps 9.8% to record Rs 10,362 crore on robust revenue from retail and telecom businesses
Profit from Reliance's retail business jumped 77 percent to Rs 1,923 crore and that from telecom rose by 78.3 percent to Rs 2,665 crore.
Net profit in January-March at Rs 10,362 crore, was 9.8 percent higher than Rs 9,438 crore in the same quarter last year
Ambani said focus on service led to higher numbers of subscribers and footfalls across RIL's consumer businesses
Shares of Reliance Industries Ltd gained over 3 percent Thursday ahead of its fourth-quarter earnings
Reliance Industries on Thursday reported a record net profit of Rs 10,362 crore in the March quarter as robust revenue from retail and telecom businesses offset weakness in core oil refining and petrochemical segment.
Net profit in January-March at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 percent higher than Rs 9,438 crore, or 15.9 per share, in the same quarter last year, the company said in a statement.
Revenue rose 19.4 percent to Rs 154,110 crore.
Profit from its retail business jumped 77 percent to Rs 1,923 crore and that from telecom rose by 78.3 percent to Rs 2,665 crore.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, “During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 1,00,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings. I am proud of the entire Reliance team; their hard work and dedication has laid the foundation for these achievements and many more to come. The Company has delivered record consolidated net profit of Rs 39,588 crore for the year in a period of heightened volatility in the energy markets. I am delighted to highlight that our Company has more than doubled its PBDIT in last five years to Rs 92,656 crore – establishing a global benchmark for value creation."
— Flame of Truth (@flameoftruth) April 18, 2019
He added that focus on service and customer satisfaction led to higher numbers of subscribers and footfalls across RIL's consumer businesses, driving robust revenue growth. "Our endeavour is to create better experiences for our customers, leading to a better-shared future," Ambani said.
For the full fiscal year ended March 2019, the company recorded a revenue of Rs 6,22,809 crore - up 44.6 percent from the previous year. Its net profit grew 13.1 percent to Rs 39,588 crore.
Shares of Reliance Industries Ltd gained over 3 percent Thursday ahead of its fourth-quarter earnings. The scrip of the company rose by 2.79 percent to settle at Rs 1,382.90 on the BSE. During the day, it gained 3 percent to Rs 1,387. On the National Stock Exchange (NSE), shares jumped 3.14 percent to close at Rs 1,386.05 apiece.
On the traded volume, 9.24 lakh shares were traded on the BSE and over one crore shares on the NSE during the day.
The company is the most-valued firm in the country with a market valuation of Rs 8,76,585.81 crore on the BSE.
The stock was the biggest gainer on both the BSE and the NSE.
With PTI inputs
(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
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The company said that it now produces over 11 percent of India's total production of medical-grade liquid oxygen — meeting the needs of nearly every one in ten patients
The company in a statement said that another 600-bed Covid Care facility will come up at a separate location in Jamnagar within in two weeks