RIL reported 12.78 per cent increase in net profit at Rs 8,097 crore for the Q2 – FY 2017-18 - RNews1 Network

RIL reported 12.78 per cent increase in net profit at Rs 8,097 crore for the Q2 – FY 2017-18

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Mumbai : Mukesh Ambani-led Reliance Industries Limited (RIL), which is an Indian conglomerate holding company and also owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. The company reported a 12.78 per cent increase in its consolidated net profit at Rs 8,097 crore for the second quarter ending September on the back of improved performance in company’s petrochemical, refining and organized retail sector.

Reliance Jio Infocomm Ltd (Jio), a wholly owned subsidiary of Reliance Industries Limited (RIL), today reported its first quarterly financial performance for the period ended 30th September, 2017.

According to Reliance Jio, net subscriber base as on September 30 was 138.6 million whereas it added 19.5 million subscribers in the quarter. The average voice traffic during the quarter stood at 267 crore minutes per day whereas total wireless data traffic was at 378 crore GB.

The Average Revenue Per User (ARPU) was at Rs 156.4 per month, the company reported. While the per capita data consumption was at 9.62 GB per user per month, the company registered 178 crore hours of video streaming on its network.

The company’s income from operations also increased 16.45 per cent to Rs 95,085 crore during the second quarter. “Our Company reported another quarter of robust performance. I am delighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations,” Chairman and Managing Director Mukesh Ambani said.

Gross refining margins (GRM) of the company for the quarter ended September 2017 stood at a nine-year high of $12 per barrel (bbl) against $10.1 per barrel last year. RIL's GRM outperformed Singapore complex margins by $3.7 per barrel.

The company refined around 18.1 Million Tonnes (MT) crude in the second quarter and witnessed its revenue from the refining and marketing business grow 15.3 per cent to Rs 69,766 crore on the back of higher volumes and improved fuel cracks as compared to the corresponding quarter a year ago.

RIL also witnessed revenue from petrochemicals business increase by 24.9 per cent to Rs 27,999 crore during the quarter ended September 2017 on the back of higher volumes in the polyester chain and firm prices. Revenue from the oil and gas exploration and production business witnessed a 13.3 per cent rise to Rs 1,503 crore. 

Alok Agarwal, Chief Financial Officer of RIL said that, "RIL achieved a gross refining margin (GRM) of $12 on converting each barrel of crude to products during the quarter, as against a GRM of $10.l per barrel in the second quarter a year ago. We have had record segment EBIT in both refining and petrochemicals owing to better volumes and prices. GRM in the quarter at $12 per barrel is at a 9-year high.

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