RIL Q4 net profit jumps 17.3 pc to Rs 9435 cr

29 April, 2018, 00:57 | Author: Bertha Harmon
  • Job alert Mukesh Ambani owned Reliance Jio plans to hire 80,000 employees

With record performance in petrochemical and retail business as well as rise in profitability of its new telecom unit, Jio, Mukesh Ambani-owned Reliance Industries Ltd (RIL), on Friday posted its highest quarterly net profit of Rs 9,435 crore on record earnings from petrochemical and retail business and rise in profitability of its upstart telecom unit, Jio. While fourth-quarter revenues jumped 134 per cent to Rs 24,183 crore, its EBIT jumped to Rs 1,086 crore from Rs 352 crore in the same period past year.

Reliance Retail reported 134.1% growth in revenues to Rs. 24,183 crore and its EBIT rose 291.4% to Rs. 951 crore. The increase in revenue is primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in the prices of products in refining and petrochemical businesses. The world's largest ROCG at Jamnagar with a capacity of 1.5 mmtpa, along with downstream plants and utilities, was commissioned on January 2 this year.

Buoyed by growth across all sectors, RIL posted a 39 per cent rise in revenues at Rs129,120 crore ($19.8 billion) against Rs92,889 crore in the previous-year quarter.

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Exports from India were higher by 32.5 per cent at Rs 51,295 crore ($ 7.9 billion) against Rs 38,718 crore in the corresponding period of the previous year.

Gross refining margin stood at United States dollars 11 per barrel, well within the range expected by most analysts. Revenue grew by 105% year-on-year to Rs 69,198 crore from Rs 33,765 crore.

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RIL also acquired 5-per cent equity stake in NYSE-listed Eros International PLC at a price of $15 per share.

Reliance Retail further strengthened its presence through its partnerships.

Jio's Chief Human Resources Officer Sanjay Jog while replying to a question on how many new recruitments will be made by the company during this financial year, stated, "About 1,57,000 people are on the rolls today". In addition, JioTV app won in the "Best Mobile Video Content" category for JioTV enabling Jio Digital Life.

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