Reliance Industries Ltd 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 per cent 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 per cent to Rs 1,54,110 crore.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
Mukesh Ambani-run RIL’s retail business has surprised positively for the last four quarters and was expected to report a strong performance this time as well.
On the back of continued stability seen in Reliance Jio, as well as Reliance Retail, RIL shares had hit an all-time high of Rs 1,406 on April 1.
Jio’s average revenue per user (Arpu) stood at Rs 126.2.
Commenting on the results, Chairman and Managing Director, Mukesh Ambani said, “During FY19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings.”
Gross refining margin (GRM) came in at $8.2 per barrel for the quarter ended March 31.
The figure was $8.8 and $11 per barrel for the quarters ended December 31 and March 31, 2018, respectively.
For financial year ended March 31, the company posted 44.60 percent YoY rise in revenue at Rs 6,22,809 lakh crore.
RIL’s consolidated revenue in FY19 improved on account of robust growth in retail and digital services business. Retail business and digital services business recorded an increase of 88.7 per cent and 94.5 per cent over previous year.
Outstanding debt as on March 31 stood at Rs 2,87,505 crore compared with Rs 2,18,763 crore as on March 31, 2018.
Cash and cash equivalents increased to Rs 13,3027 crore in FY19 over Rs 78,063 crore in FY18.
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Source: News18