Reliance Industries becomes first private sector firm to cross Rs 10,000-crore quarterly profit

Mukesh Ambani-led Reliance Industries posted a growth of 7.72 per cent in net profit at Rs 10,251 crore on consolidated basis in December quarter. The company had posted Rs 9,516 crore in the previous quarter. The net profit during the corresponding quarter in the year ago period was Rs 9,420 crore, which amounts to a 8.8 per cent increase on yearly basis.

With this, RIL has become the first private-sector Indian company to cross the Rs 10,000 crore-mark in terms of net profit, the company said in a statement. This has exceeded street estimates which had pegged net profit in the neighbourhood of Rs 9,500 crore.

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"In our endeavour to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross Rs 10,000 crore quarterly profits milestone. I am proud to be part of the committed and talented team at Reliance that has helped achieve many milestones in our continuing growth journey," RIL Chairman Mukesh Ambani said.

For the quarter ended December 31, 2018, RIL achieved revenue of Rs 1,71,336 crore, an increase of 55.9 per cent as compared to Rs 1,56,291, crore in  the previous quarter and Rs 109,905 crore in the corresponding period of the previous fiscal. Increase in revenue is primarily on account of higher price realisations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses, RIL said in its statement.

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Product prices for the refining and petrochemicals business increased in line with 10.4 per cent higher average than Brent crude oil price. The higher volumes in petrochemical business were on account of stabilisation and ramp-up of new petrochemical facilities, the company said. Retail business and digital services business recorded an increase of 89 per cent and 51 per cent in revenue respectively during the quarter compared to the corresponding quarter of the previous year. RIL saw EBIT for its petrochemical segment in the December quarter surge 42.9% year-o-year to a record high of Rs 8,221 crore.

The total income raked in by RIL crore during the December quarter of financial year 2018-19 reached Rs 1,62,759 crore. The same for the previous quarter was at Rs 1,47,268 crore, whereas the figure from year-ago period was Rs 1,04,718 crore.

The company saw its exports increase by 35.2 per cent to Rs 62,378 crore during Q3 FY19, according to the regulatory filing by RIL.

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