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National

RIL First Indian Co to Post ₹10k-cr Quarterly Profit

January 18, 2019 06:34 AM

COURTESY TIMES OF INDIA  JAN 18

GROUP LOWERING DEPENDENCE ON REFINING AND PETROCHEM
RIL First Indian Co to Post ₹10k-cr Quarterly Profit
Robust show by consumer businesses makes up for weaker refining margins and lower oil & gas output
Our Bureau

New Delhi:

Strong growth in petrochemicals, telecom and retail helped Reliance Industries become the first Indian company to report a quarterly net profit higher than ₹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 the October-December quarter rose 8.8% to a record ₹10,251 crore. Revenue rose 56% to ₹171,336 crore. Standalone net profit, which comes mainly from petrochemicals and refining, rose 5.6% to ₹8,928 crore.

A quarter of its consolidated revenue came from consumer businesses, which marks a big stride away from the group’s traditional heavy dependence on refining and petrochem for its earnings.

“In our new-age consumer businesses, we maintained robust growth momentum across Retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to overall profitability of the company … I am confident, Reliance is well-positioned for the future and for the next cycle of growth,” chairman Mukesh Ambani said

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