Reliance Industries posted its highest quarterly net profit of Rs 9,435 crore on the back of record earnings from petrochemical and retail business and increase in profitability of its upstart telecom unit, Jio.
Consolidated net profit of Rs 9,435 crore, or Rs 15.9 per share, in January-March was 17.3 per cent higher than Rs 8,046 crore, or Rs 13.6 a share, in the same quarter of the last fiscal, the oil-to-telecom conglomerate said.
While its core petrochemical business posted record quarterly pre-tax profits, earnings from the oil refining business dipped on squeeze in margins, media reports said.
However, the surprise package was retail which clocked over 200 per cent rise in pre-tax profit.
Helped by rise in earnings across businesses, Reliance Industries posted a record net profit of Rs 36,075 crore in the fiscal year ending March 31, 2018, up 20.6 per cent over Rs 29,901 crore net profit of 2016-17 fiscal, reported PTI.
It had highest ever PBDIT (profit before depreciation interest and taxes) of Rs 74,184 crore.
Jio, which with 186.6 million subscribers is the world’s largest and fastest growing mobile data network, saw profits rise to Rs 510 crore, up 1.2 per cent over third quarter earnings, the reports said.
Though Jio started operations in September 2016 with free voice and data offering, 2017-18 was first full year of its financial reporting. For the 2017-18 fiscal – the first full year of commercial operation – it had a net profit of Rs 723 crore, the company said.
Reliance said pre-tax profit from petrochemical business, where all expansion projects have been completed, was at record high of Rs 6,435 crore in the fourth quarter of the 2017-18 fiscal, up 12 per cent over last year.
The owner of world’s largest refining complex earned $11 on turning every barrel of crude oil into fuel in January-March as against a gross refining margin (GRM) of USD 11.5 in the same period last year. The lower GRM pushed down pre-tax segment profit by 11 per cent to Rs 5,607 crore.
The company’s debt rose to Rs 2,18,763 crore as on March 31, up from Rs Rs 2,13,206 crore on December 31, 2017. Outstanding debt as on March 31, 2017 was Rs 196,601 crore.
Reliance declared a dividend of Rs 6 per equity share on the enhanced share capital on account of bonus issue in the ratio of 1:1 last year, the company said in a statement.
