Reliance Industries record net profit was supported by growth in its petrochemicals and refining unitsReliance Industries on Thursday reported a record net profit of Rs 10,251 crore for October-December period.
That marked an increase of 8.8 per cent from a net profit of Rs 9,420 crore in corresponding period a year ago, according to a regulatory filing by company.
Growth in its petrochemicals and refining businessessupported consolidated net profit in quarter ended December 31, 2018, beating Street estimates.On an average,12 analysts had estimated company's net profit at Rs 9,648 crore for three-month period, news agency Reuters reported citing data compiled byRefinitiv Eikon.For quarter ended September 30, conglomerate had posted a net profit of Rs 9,516 crore.In our endeavour to consistently create more value for our country and stakeholders, our company has become first Indian private sector corporate to cross Rs 10,000 crore quarterly profits milestone, said Mukesh D Ambani, chairman and managing director, Reliance Industries.Reliance Industries' consolidated revenue from operations grew 56.4 per cent to Rs 1,60,299 crore.
Revenue in refining and petrochemicals units - which contribute around three-quarters of overall revenue and profits - rose 47.3 per cent and 37.1 per cent respectively.Standalone net profit of Reliance Jio Infocomm, telecom arm of Reliance Industries, stood at Rs 831 crore, 64.9per cent higher from that of Rs504 crore in corresponding quarter a year ago.
That marked a fifth consecutive profitable quarter for Reliance Jio.In our new-age consumer businesses, we maintained robust growth momentum across Retail and Jio platforms and share of consumer businesses is steadily increasing its contribution to overall profitability of Company, Mr Ambani added.Shares in Reliance Industries ended 0.3 per cent lower at Rs 1,133 apiece on NSE, whose benchmark index Nifty finished a volatile session 0.1 per cent higher, ahead of earnings announcement by company.(With agency inputs)