Reliance Industries Limited became the first ever Indian private sector company to report a quarterly profit of more than Rs. 10,000 Crore after record earnings from petrochemical, retail, and telecom business offset a dip in refinery margins.
The consolidated net profit for Reliance Industries Limited, owned by Mukesh Ambani, rose by 8.8 percent in the last quarter of 2018 to Rs. 10,251 Crore, making it India’s first private sector company to cross the Rs. 10,000 Crore quarterly profit mark.
“In an oil price environment that witnessed heightened volatility through the quarter, RIL has delivered strong quarterly results on a consolidated basis,” Chairman and Managing Director Mukesh Ambani said.
The record December quarterly profit was boosted by a 55.9% jump in revenue as compared to last year and stood at Rs. 1,71,336 Crore. The consolidated net profit in the third quarter of FY18 was Rs. 9,420 Crore on revenue of Rs. 1,09,905 Crore.
RJio Net Surges 65 percent
With a constantly growing customer base and subscriber addition, RIL’s wholly owned subsidiary Reliance Jio Infocomm posted a 65 percent rise in the third quarter net profit at Rs. 831 Crore from Rs. 504 Crore from a year ago. The revenue from operations stood at Rs. 10,383 Crore, rising by 50.9 percent from 6,879 Crore from a year ago.
RJio’s capital expenditure for the quarter stood at Rs. 14,000 Crore as compared to Rs. 16,000 Crore from the previous quarter.
The telecom company had a user base of 280.1 million by December 2018, nearly 10 percent adding during the last quarter of the year.
The average revenue per user (ARPU) was a little on the lower side at Rs. 130 per customer per month. The total wireless data traffic turned out to be 864 Crore GB and total voice traffic was 63,406 Crore minutes Running the world’s biggest refining and petrochemical business in Gujarat, Reliance Industries Limited said that the record quarterly consolidated net profit was driven by higher price realizations and volumes from the petrochemical businesses and with a strong growth in consumers.
The petrochemical business showed a 37.1 percent rise in revenue to Rs. 46,246 Crore from 33,726 Crore in the third quarter of the year 2018.