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New Delhi: Reliance Industries’ reported quarterly earnings on Monday as profit grew by 1.6 percent sequentially on standalone basis to Rs 8,151 crore for January-March quarter, beating analysts’ expectations.
The group also reclaimed its status as the country’s most valued firm by market capitalisation (m-cap) after a gap of four years, replacing IT major TCS from the top position.
Revenue from its operations during the quarter increased 12 percent to Rs 74,598 crore compared with Rs 66,606 crore in previous quarter, the company said in its filing.
Reliance has reported gross refining margin for the March quarter at $ 11.50 a barrel against 10.8 a barrel in December quarter, which was far ahead of estimates of $ 11 a barrel.
EBITDA (earnings before interest, tax, depreciation and amortisation) surged 17 percent to Rs 12,416 crore from Rs 10,604 crore QoQ.
Profit was expected at Rs 8,000 crore and operating profit at Rs 11,485 crore for the March quarter, according to average of estimates of analysts polled by CNBC-TV18.
At the end of trade, RIL commanded a market valuation of Rs 4,60,518.80 crore. This was Rs 1,586.43 crore more than TCS’ Rs 4,58,932.37 crore m-cap. Shares of both the companies ended on a positive note but gains were sharper in case of RIL.
Other income during the quarter stood at Rs 1,371 crore against Rs 3,025 crore in previous quarter. Reliance Jio’s subscriber base reached to 108.9 million at the end of March 2017.
(With PTI inputs)
Source: News18