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Stock Advisory in Indore, Jio, petrochemicals power RIL's Q3 show, net profit rises 25% to Rs 94.2 bn
Jio logs first net profit of Rs 5 bn in December quarter
Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Friday reported a 25.1 percent rise in net profit for the October-December 2017 quarter with higher profitability in petrochemicals and its telecom venture Jio reporting its first profit of Rs 5.04 billion.
The Mukesh Ambani-led conglomerate, at a consolidated level, posted a net profit of Rs 94.23 billion during the quarter under review, as against Rs 75.33 billion during the quarter ended December 2016.
The consolidated net revenue of the company increased by 25.7 percent during the third quarter of 2017 to Rs 998.10 billion, as against Rs 794.08 billion during the corresponding period in 2016.
The petrochemicals segment, with a higher capacity and better margins, accounted for 42 percent of the profit before interest and tax against 34.9 percent in the December 2016 quarter. Refining segment profit was at Rs 61.7 billion, nearly the same level as a year ago.
“We have a good story; Jio has turned net profitable in the second quarter of operations itself. From an energy business standpoint, 2018 will be another year of 1.3 million barrels per day growth (globally),” said V Srikanth, joint chief financial officer, Reliance Industries.
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