INSUBCONTINENT EXCLUSIVE:
Strong growth in petrochemicals, telecom and retail helped Reliance Industries become first Indian company to report a quarterly net profit
higher than Rs 10,000 crore, as robust performance of consumer-facing businesses more than made up for weaker refining margins and
contracting oil gas production.
Consolidated net profit for October-December quarter rose 8.8 per cent to a record Rs 10,251 crore
Revenue rose 56 per cent to Rs 171,336 crore
Standalone net profit, which comes mainly from petrochemicals and refining, rose 5.6 per cent to Rs 8,928 crore.
A quarter of its
oil than any other single facility in world, earned $8.8 for each barrel it processed, which was as much as $4.5 more than that of Singapore
peers although lower than gross refining margin of $11.6 it reported in same quarter a year ago
oil-to-chemicals operation, including core petrochemicals and refining businesses helped it deliver strong earnings in a challenging
Strong user addition and higher use of data helped disruptive telecom operator report a profit for fifth consecutive quarter
The company said average revenue per user, a key benchmark of operations, stood at an industry-leading Rs 130, while its subscriber base
year.
Reliance Retail, which has 9,907 stores across more than 6,400 towns, reported that profit before depreciation, interest and taxes
(PBDIT) rose 177 per cent to Rs 1,680 crore compared with Rs 606 crore during corresponding period last year
Revenue rose 89 per cent to Rs 35,577 crore from Rs 18,798 crore, helped by healthy festive season sales and new store openings
Its earnings before interest and taxes (EBIT) more than trebled to Rs 1,512 crore from Rs 487 crore with operating margin rising 160 basis
revenue rose 37.1 per cent to Rs 46,246 crore
The company attributed revenue growth to higher price realisation and volume, primarily in polymer products and fibre intermediates.
The
refining business reported an EBIT of Rs 5,055 crore, down 18 per cent from a year ago
Segment revenue, however, rose 47.3 per cent to Rs 111,738 crore
Exports of refined products rose to $6.9 billion from $5.8 billion a year ago.
Joint CFO V Srikanth said strong growth in retail, telecom as
well as refining augured well for company
exploration and production segment continued to be lacklustre
Its revenue fell 27.5 per cent Rs 1,182 crore as volumes declined
US shale operations contracted 37 per cent.
