Reliance Industries shares up 2% after company posts Rs 10,000 crore net profit in December quarter

New Delhi: Shares of Reliance Industries Ltd rose by 2 percent Friday after the company became the first Indian private sector firm to report a quarterly profit of more than Rs 10,000 crore.

The scrip after a positive opening, gained further strength and rose 2 percent to Rs 1,156.55 on BSE.

At NSE, shares of the company went up by 1.99 percent to Rs 1,157.10.

Representational image. Reuters

Representational image. Reuters

Reliance Industries Ltd Thursday became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins.

The oil-to-telecom conglomerate reported an 8.8 percent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended 31 December, 2018, as compared to Rs 9,420 crore, or Rs 16 a share, in the same period of the previous financial year.

This is the highest quarterly profit by any private company. State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013.

Reliance Industries saw its revenue jump by 56 percent to Rs 171,336 crore in October-December 2018.

(Disclosure: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

 

 

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Updated Date: Jan 18, 2019 12:49:59 IST

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