INSUBCONTINENT EXCLUSIVE:
Mumbai: With Reliance Industries netting as much as 26 per cent of its Rs 1,41,699 crore revenue and 21 per cent of its pre-tax profit from
the retail and telecom verticals in the June quarter, chairman Mukesh Ambanis plan to convert the oil-to-telecom conglomerate into a
consumer company over the next decade may be closer than the target.
During the June quarter, as much as Rs 36,581 crore of its consolidate
income of Rs 1,41,699 crore came in from its retail, telecom and media businesses
It helped RIL also report a record net income Rs 9,459 crore which rose 17.9 per cent over the previous year.
Thanks to a massive spurt in
oil prices, its revenue jumped 56.5 per cent to Rs 1,41,699 crore
Of this Reliance Retail more than doubled its revenue at Rs 25,890 crore, while Jio reported 13.8 per cent rise in revenue at Rs 9,567
crore, and the media business reported a revenue of Rs 1,124 crore.
"As much as 21 per cent of our pre-tax revenue came in from the
consumer/retail business including oil marketing, according to group deputy financial officer V Srikanth.
The diesel and petrol retailing
business is billed under Reliance Retail and chipped in 12 per cent of the pre-tax profit, he added.
In terms of consolidated pre-tax profit
which stood at Rs 22,449 for the June quarter, Reliance Retail contributed 4.76 per cent at Rs 1,069 crore which was a massive 266 per cent
jump from last year, and Jio chipped in Rs 3,147 crore or a tad over 14 per cent while media business failed the show with a Rs 70 crore
loss.
Together these retail and Jiothe two key consumer facing businesses--contributed 18.78 per cent of the total and the rest came in from
oil retailing.
Against this, the operator of world's largest oil refining complex saw pre-tax earnings from the business declining 16.8
per cent to Rs 5,315 crore as margins dipped.
